Below is an example of a typical financial analysis of the income statement. Compute your values and select the correct answer from the multiple dropdown values.

Note: To compute a percent increase, use the "NO" formula: (new value - original value) / original value. For example, if the price of a iPhone 11 in 2020 is $1,000 and the price drops in 2021 to $800, the percent change is equal to (800-1,000)/1,000 = - 20% (i.e. a price decrease).

Callahan Boat Builders reported sales of $3.85 million in 2020, which is a [ Select ] ["12.2%", "13.5%", "26.6%", "5.8%", "14.8%", "21.6%"] [ Select ] ["increase", "decrease"] over the prior year. While this represents a healthy [ Select ] ["increase", "decrease"] from 2019s sales level, operating costs totaling $3.7 million outpaced the revenue growth by increasing [ Select ] ["14.8%", "12.2%", "13.5%", "26.6%", "5.8%", "21.6%", "$418,000", "$386,000", "$90,300", "$59,400", "$13,500", "$72,900", "$29,160"] year-over-year. More specifically, while revenue grew by [dollarsaleschange], operating costs jumped [ Select ] ["$477,400", "$418,000", "$386,000", "$90,300", "$59,400", "$72,900"] . The largest contributor to the higher expenses was a [ Select ] ["$386,000", "$477,400", "$290,100", "$430,300", "$418,000", "$90,300"] increase in costs of goods sold which jumped from $2,864,000 (83.4% of sales) to $3,250,000 (84.4% of sales) for an jump of [ Select ] ["13.5%", "12.2%", "14.8%", "11.2%", "28.4%", "9.9%"] . Other expenses also related to Callahan Boat Builders increased [ Select ] ["26.6%", "11.2%", "13.5%", "28.4%", "49.7%"] or [ Select ] ["$90,300", "$386,000", "$59,400", "$13,500", "$72,900", "$43,740"] for a total of $430,300 ( [ Select ] ["11.2%", "9.9%", "6.1%", "3.9%", "4.3%", "14.8%"] of sales). This compares unfavorably to last years category of other expenses which totaled just $340,000 and represented only 9.9% of sales. After a negligible [ Select ] ["increase", "decrease"] in depreciation expense, the net effect was a 28.4% drop in earnings before interest and taxes to [ Select ] ["$149,700", "$209,100", "$146,600", "$73,700", "$44,220", "$87,960"] (3.9% of sales) compared to 2019s EBIT of $209,100 (6.1% of sales). Due to more than a $100,000 increase in long-term debt, interest expense climbed [ Select ] ["$13,500", "$76,000", "$62,500", "$29,480", "$58,640"] in 2020. The bottom line was net income of $44,220 (1.1% of sales) which was about half the level of 2019s net income of $87,960 (2.6% of sales) despite a lower income tax obligation due to the lower earnings: $29,480 in 2020 versus $58,640 in 2019). As a result, the EPS fell in a similar fashion to [ Select ] ["$0.44", "$0.88", "$44,220", "$87,960"] in 2020 from [ Select ] ["$0.88", "$0.44", "$87,960", "$44,220"] in 2019.