Exercise 12-2A Prepare vertical analysis (LO12-1) The income statements for Federer Sports Apparel for 2022 and 2021 are presented below. Required: Prepare a vertical analysis of the data for 2022 and 2021. (Round your percentage answers to 1 decimal place.) FEDERER SPORTS APPAREL Income Statement For the Years Ended December 31 % 2021 Amount 16,200,000 % Net sales $ $ Cost of goods sold 7,435,800 Gross profit 2022 Amount 19,500,000 12,870,000 6,630,000 1,794,000 1,170,000 351,000 1,696,500 1,618,500 Operating expenses 8,764,200 1,360,800 1,166,400 Depreciation expense Inventory write-down Loss (litigation) Income before tax Income tax expense Net income 275,400 5,961,600 2,203,200 3,758,400 604,500 1,014,000 $ | $ Exercise 12-3A Prepare horizontal analysis (LO12-2) The income statements for Federer Sports Apparel for 2022 and 2021 are 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.) Increase (Decrease) Amount % Net sales Cost of goods sold Gross profit Operating expenses Depreciation expense FEDERER SPORTS APPAREL Income Statement For the Years Ended December 31 Year 2022 2021 $ 19,500,000 $ 16,200,000 12,870,000 7,435,800 6,630,000 8,764,200 1,794,000 1,360,800 1,170,000 1,170,000 351,000 1,696,500 275,400 1,618,500 5,958,000 604,500 2,203,200 $ 1,014,000 $ 3,754,800 Inventory write-down Loss (litigation) Income before tax Income tax expense Net income