10 points 1 eBook M13-1 (Algo) Calculations for Horizontal Analyses (LO 13-2] Required: Using the following income statements, perform the calculations needed for horizontal analyses. Note: Decreases should be indicated by a minus sign. Round percentage values to 1 decimal place. LOCKEY FENCING CORPORATION Income Statements For the Years Ended December 31 Print References Change in Current Previous Dollars Net Sales $ 104,000 $ 77,000 $ (50,000) Percentage 11.1 % Cost of Goods Sold 60,000 46,000 20,000 % Gross Profit 44,000 31,000 30,000 % Selling, General, and Administrative Expenses 8,200 4,100 % Income from Operations 35,800 26,900 % Interest Expense 3,200 4,150 7.1 % Income before Income Tax 32,600 22,750 % Income Tax Expense 9,780 6,825 % Net Income $ 22,820 $ 15.925 17.6 %