Exercise 9-1 Horizontal analysis LO 9-1 Winthrop Corporation reported the following operating results for two consecutive years Required a. Compute the percentage changes in Winthrop Corporation's income statement components between the two years. (Round your answers to 1 decimal place. (i.e., .234 should be entered as 23.4).) WIN THROP CORPORATION Income Statements Percentage Change 2018 2017 Sales Cost of goods sold Gross margin Operating expenses Income before taxes Income taxes S 1,200,000 S 1,000,000 640,000 360,000 160,000 200,000 40,000 S 224.000 S 160,000 720,000 480,000 200,000 280,000 56,000 Net income