Data for the most recent four fiscal years of Jingle Cats Corp. are given below:

$2023202220212020$

Net sales $$83,000$ $$75,000$ $$67,000$ $$60,000$

Cost of goods sold $34,00032,00030,00026,000$

Gross margin $$49,000$ $$43,000$ $$37,000$ $$34,000$

Operating expenses $26,00022,00019,00014,000$

Net income $$23,000$ $$21,000$ $$18,000$ $$20,000$

Required

Prepare an analysis showing the trend percentages for the four$-$year period using $2020$ as the base year.

What do the trend percentages indicate regarding Jingle Cats Corp.$\text{'}$s income statement data?