Data for McCormick Designs, Inc. follow: (Click the icon to view the data.) Read the requirements. 2024 2023 Amount Percentage $ % 373,000 Net Sales Revenue 428,950 $ Expenses: 186,250 204,000 % Cost of Goods Sold % 98,650 94,000 Selling and Administrative Expenses 5,000 2,000 % Other Expenses 307,650 282,250 % Total Expenses 121,300 $ 90,750 % Net Income Enter any number in the edit fields and then click Check Answer Clear All 1 pant remaining Data Table i Comparative Income Statement Years Ended December 31, 2024 and 2023 2024 2023 Net Sales Revenue $ 428,950 $ 373,000 Expenses: Cost of Goods Sold 204,000 186,250 Selling and Administrative Expenses 98,650 94.000 5,000 2,000 Other Expenses 307,650 282,250 Total Expenses $ 121,300 $ 90,750 Net Income Print Done i Requirements 1. Prepare a horizontal analysis of the comparative income statement of McCormick Designs, Inc. Round percentage changes to one decimal place. 2. Why did 2024 net income increase by a higher percentage than net sales revenue? Print Done