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Print Item Calculator Show Me How ook Horizontal Analysis of the Income Statement Income statement data for Winthrop Company for two recent years ended December 31, are as follows: Previous Year Current Year $480,000 $628,800 Sales 410,000 528,900 Cost of goods sold $70,000 $99,900 Gross profit $25,000 $30,250 Selling expenses 21,000 27,090 Administrative expenses $46,000 $57,340 Total operating expenses $24,000 $42,560 Income before income tax 9,600 17,000 Income tax expenses $14,400 $25,560 Net income one decimal place. Winthrop Company Comparative Income Statement For the Years Ended December 31 Increase Increase Previous Current (Decrease) (Decrease) ear Amount year Amount Percent Amount 31 % 148,800 $628,800 $480,000 $ Sales 29 % 118,900 410,000 528,900 Cost of goods sold 42.7 % 29,900 $70,000 $99,900 Gross profit 21 % 5,250 $25,000 $30,250 Selling expenses 29 % 6,090 27,090 21,000 Administrative expenses 24.7% $46,000 11,340 $57,340 Total operating expenses 77.3 % 18,560 Income before income tax $24,000 $42,560 77.1 % 9,600 7,400 17,000 Income tax expense 77.5 % $14,400 11,160 $25,560 Net income