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 $ 108,000 $ 79,000 % Cost of Goods Sold 62,000 47,000 % Gross Profit 46,000 32,000 % Selling, General, and Administrative Expenses 7,400 3,700 % Income from Operations 38,600 28,300 % Interest Expense 3,400 4,550 % Income before Income Tax 35,200 23,750 % Income Tax Expense 10,560 7,125 % Net Income $ 24,640 $ 16,625 %