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Assume the following cost of goods sold data for a company: 2020 $1,120,000 2019 1,000,000 2018 980,000 2017 875,000 2016 700,000 2015 650,000 Perform horizontal

Assume the following cost of goods sold data for a company: 2020 $1,120,000 2019 1,000,000 2018 980,000 2017 875,000 2016 700,000 2015 650,000 Perform horizontal analysis on the 2019 cost of goods sold, assuming that 2016 is the base year. Round to nearest %

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