Horizontal analysis (trend analysis) percentages for Phoenix Company's sales revenue, cost of goods sold, and expenses are listed here. 2020 2019 2018 Horizontal Analysis Sales revenue Cost of goods sold 94.7 % 109.3 % 100.0 % 106.0 94.4 100.0 Expenses 106.2 94.5 100.0 Did Phoenix's net income increase, decrease or remain unchanged over the 3-year period? 2018 to 2019 2019 to 2020