M13-1 (Algo) Calculations for Horizontal Analyses [LO 13-2] Using the following Income statements, perform the calculations needed for horizontal analyses. (Decreases should be indicated by a minus sign. Round percentage values to 1 decimal place.) LOCKEY FENCING CORPORATION Income Statements For the Years Ended December 31 Current Previous Change in Dollars Percentage Net Sales $ 101,000 $ 75,500 % Cost of Goods Sold 58,500 45,250 % Gross Profit 42,500 30,250 % Selling, General, and Administrative Expenses 8,800 4,400 % Income from Operations 33,700 25,850 % Interest Expense 3,050 3,850 % Income before Income Tax 30,650 22,000 % Income Tax Expense Net Income 9,195 6,600 % $ 21,455 $ 15,400 %