Here are the comparative condensed income statements of Lily Corporation.

Lily Corporation Condensed Income Statements For the Years Ended December 31
		2022			2021
Net sales		$714,000			$596,000
Cost of goods sold		559,776			486,932
Gross profit		154,224			109,068
Operating expenses		99,246			55,428
Net income		$ 54,978			$ 53,640

(a) Prepare a horizontal analysis of the income statement data for Lily Corporation, using 2021 as a base. (Show the amounts of increase or decrease.) (Enter negative amounts and percentages using either a negative sign preceding the number e.g. -45, -45% or parentheses e.g. (45), (45%). Round percentages to 1 decimal place, e.g. 12.3%.)

LILY CORPORATION Condensed Income Statements choose the accounting period For the Years Ended December 31December 31For the Months Ended December 31
					Increase or (Decrease) During 2022
	2022		2021		Amount		Percentage
Net sales	$714,000		$596,000		$enter a dollar amount		enter percentages rounded to 1 decimal place %
Cost of goods sold	559,776		486,932		enter a dollar amount		enter percentages rounded to 1 decimal place %
Gross profit	154,224		109,068		enter a total amount for the first part		enter percentages rounded to 1 decimal place %
Operating expenses	99,246		55,428		enter a dollar amount		enter percentages rounded to 1 decimal place %
Net income	$54,978		$53,640		$enter a total net income amount		enter percentages rounded to 1 decimal place %

(b) Prepare a vertical analysis of the income statement data for Lily Corporation for both years. (Round percentages to 1 decimal place, e.g. 12.3%.)

LILY CORPORATION Condensed Income Statements choose the accounting period For the Months Ended December 31For the Years Ended December 31December 31
	2022				2021
	Amount		Percent		Amount		Percent
Net sales	$714,000		enter percentages %		$596,000		enter percentages %
Cost of goods sold	559,776		enter percentages %		486,932		enter percentages %
Gross profit	154,224		enter percentages %		109,068		enter percentages %
Operating expenses	99,246		enter percentages %		55,428		enter percentages %
Net income	$ 54,978		enter percentages %		$ 53,640		enter percentages %