Chapter 12 Homework 2 The income statements for Federer Sports Apparel for 2022 and 2021 ore presented below. Required: Prepare a horizontal analysis for 2022 using 2021 as the base year (Decreases should be indicated with a minus sign. Round your percentage answers to 1 decimal place) 8.00 FEDERER SPORTS APPAREL Income Statement For the Years Ended December 31 Increase (Decrease) Amount 2022 2021 $ 18,000,000 $15.500.000 13.200.000 7.000.000 5,600,000 8.500.000 1,000,000 1.200.000 1,000,000 1.000.000 200.000 1.500.000 300,000 1,300.000 5.000.000 450 000 2.000.000 $ 850,000 4,000,000 Net sales Cost of goods sold Gross profit Operating expenses Depreciation expense Inventory write down Loss litigation) Income before tax Income tax pense Not income bayloeg