For the Years Ended December 31 2020 2019 Net sales $564,000 $470.000 444.432 387,750 Cost of goods sold Gross Profit 119,568 82,250 Operating expenses 72.756 43.710 Net income $ 46,812 $38.540 (a) Prepare a horizontal analysis of the income statement data for Culver Corporation, using 2019 as a base. (If amount and percentage are a decrease show the numbers as negative, eg.-55,000, -20% or (55,000). (20%). Round percentages to 1 decimal place, e.g. 12.1%.) CULVER CORPORATION Comparative Income Statement Increase or (Decrease) During 2020 Amount Percentage 2020 2019 $564,000 $470,000 $ Net sales Cost of goods sold 444,432 387,750 Gross Profit 119,568 82,250 Operating expenses 72,756 43,710 Net income $ 46,812 $38,540 $ (b) Prepare a vertical analysis of the income statement data for Culver Corporation for both years. (Round percentages to 1 decimal place, eg. 12.1%.) CULVER CORPORATION Condensed Income Statements 2020 2019 Percent Percent Net sales $564,000 444,432 % % $ $470,000 387,750 Cost of goods sold Gross Profit 119,568 82,250 Operating expenses 72.756 % 43,710 Net income $ 46,812 % $38,540