Horizontal analysis of the income statement would be most likely to show that:

cost of goods sold is increasing at a greater rate than sales

inventory is increasing faster than cost of goods sold

the current ratio (current assets/current liabilities) is increasing faster than total assets

the income tax rate is increasing

CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands except per share amounts) Year Ended 2012 2013 2011 $ 1,704,885 S 1,533,611 1,396,470 841,083 555,387 431,900 Net sales 961,826 743,059 513,085 30,988 198,986 882,449 651,162 475,162 21,240 154,760 Cost of sales Gross profit Selling, general and administrative expenses Depreciation and amortization 19,739 103,748 Operating income Nonoperating (income) and expenses (12,434) 3,087 (9,347) 164,107 (4,831) S 129,444 $ 168,938 (2,757) 743 (2,014) 201,000 71,556 (5,164) 5,368 204 03,544 3,419 100,125 Interest, investment income and other Interest expense Income before income taxes Income tax provision (benefit) Net income Earnings per share Basic 1.22 S 1.50 S 0.86 Diluted 1.20 S 148 S 0.85 Average shares outstanding during period 112,534 14,390 Basic 106,222 116,466 Diluted 108,259 117,484