Interpreting Horizontal Analysis results Income Statement ($M) 2021 Net Sales Cost of Goods Sold 2020 % Change 250.40 13.4% 131.95 6.8% 118.45 21,7% 65.50 18.4% Operating Income 52.95 26.1% Interest Expense 13.30 30.4% Income Tax Expense 12.60 5.9% Net Income 27.05 35.9% You have been analyzing your company's performance over the past few years and decided to conduct a horizontal analysis Your results are above. 1. Some of the results are causing you concern What are these and why do they concern you? 2 What caused your Net Income to increase so much more than the increase in Net Sales? Gross Profit SG&A Expenses 220 80 123 50 9730 55.30 42.00 10 20 1190) 19.90