Horizontal Analysis of the Income Statement Income statement data for Winthrop Company for two recent years ended December 31 are as follows: a. Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease) for the current year when compared with the previous year. If required, round to one decimal place. Winthrop Company Comparative Income Statement b. The net income for Winthrop Company increased between years. This increase was the combined result of an In sales and percentage In cost of merchandise sold. The cost of merchandise sold Increased at a rate than the increase in sales, thus causing the percentage increase in gross profit to be than the percentage increase in sales