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2021 2020 2019 Sales $1.606 $1,406 $1,195 903 750 605 703 656 590 Cost of goods sold Gross profit Operating expenses Income from operations 521

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2021 2020 2019 Sales $1.606 $1,406 $1,195 903 750 605 703 656 590 Cost of goods sold Gross profit Operating expenses Income from operations 521 411 396 182 245 194 Interest expense 80 50 40 Income before income tax 102 195 154 Income tax expense 25 49 39 Net income $77 $146 $115 (a) Using horizontal analysis, calculate the horizontal percentage of a base-year amount, assuming 2019 is the base year. (Round aborative amounts using either a negative sin receding the number4512 ornarentheses

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