Instructions (a) Using horizontal analysis and 2015 as the base year, compute the trend percentages for net sales, cost of goods sold, and gross profit. (5 pts) HINT: USE FORMULA FOR CURRENT RESULTS IN RELATION TO BASE PERIOD = CURRENT YEAR AMOUNT / BASE YEAR AMOUNT. (SEE TEXT ILLUSTRATION 14.7) FOR EXAMPLE: NET SALES FOR 2016 WOULD BE 600,000/500,000 =120% (b) Explain whether the trends are favorable or unfavorable for each item. (5 pts)