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omework L012-01; L012-03 - Graded Saved Help Save & Exit Check my Exercise 12-3A Prepare horizontal analysis (LO12-2) The income statements for Federer Sports Apparel for 2022 and 2021 are presented below. Required: Prepare a horizontal analysis for 2022 using 2021 as the base year. (Decreases should be indicated with a minus sign. Round your percentage answers to 1 decimal place.) Increase (Decrease) Amount % Net sales Cost of goods sold Gross profit Operating expenses Depreciation expense Inventory write down Los (litigation) Income before tax Income tax expense Net income FEDERER SPORTS APPAREL Income Statement For the Years Ended December 31 Year 2022 2021 $ 19,100,000 $ 15,800,000 13,064,400 7,189,000 6,035,600 8,611,000 1,680,800 1,264,000 1,069,600 1,069.600 267.400 1,585 300 347,600 1,432,500 5,929,800 515.700 2,085,600 S 916,800 S 3,844,200