26. Toledo Toy, a manufacturer of infants' blocks, presented the following data in its last annual report. Note, you must show the basic formula you use for these calculations, but you do not have to show each calculation.(15points total) Required:

a.	Using the appropriate base, perform a horizontal common-size analysis for all data shown. (10 points)
b.	Explain in plain english the difference in 2012 and 2009s cost of sales. (2 pts)
c.	Which is a less favorable trend, sales or cost of sales? Why? Be specific. (3 points)

Toledo Toys

V2- Horizontal

	2012	2011	2010	2009
Sales	$61,000	$41,000	$25,000	$13,000
Cost of Sales	$ 41,300	$ 23,175	$ 17,201	$ 9,000
Net Income	$ 9,919	$ 6,412	$ 3,850	$ 2,000
Cases of Blocks Shipped	33,126	22,681	13,800	7,400