Horizontal and Vertical Analyses LO5 The following information (in millions) was taken from a recent income statement of The J.M. Smucker Company: Current Year Prior Year Net sales $4,605 $3,758 Cost of sales Gross profit $1,787 $1,252 Required Conduct horizontal and vertical analyses of gross profit. Was the company more or less profitable in the current year? Do both horizontal and vertical analyses indicate that? For your calculations, round percentages to one decimal point (i.e., 10.1%).