Interpreting Horizontal Analysis results Income Statement (SM) 2021 2020 % Change Net Sales 250.40 220.80 13.4% Cost of Goods Sold 131.95 123.50 6.8% Gross Profit 118.45 97.30 21.7% SG&A Expenses 65.50 55.30 18.4% Operating Income 52.95 42.00 26.1% Interest Expense 13.30 10.20 30.4% Income Tax Expense 12.60 11.90 5.9% Net Income 27.05 19.90 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?