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Question 2 [30 points] X-cell Inc.'s income statement and balance sheet are given below. a) Express this information as vertical trend percents. Please make sure your final answer(s) are in percentage form and are accurate to 2 decimal places. (For example: 12.34%) X.cellino Income Statement Vertical Trend Percentages (96) 2016 2015 2014 2016 2015 2014 Sales $1,772,000 $1,636,000 $1,450,000 Cost of goods sold 1,439,000 1.294,000 1,118,000 Gross profit from sales 333,000 342,000 341,000 Operating expenses 200,000 246,000 205,000 Income before tax 73,000 96,000 136,000 Income taxes expense 21,000 28,000 40,000 Net income $52,000 $68,000 $95,000 Cash Accounts receivable, net Prepaid expenses Merchandise inventory Plant assets, net Total assets Accounts payable Long-term notos payable Share capital (100,000 issued) Retained earnings Total liabilities and equity X-cell Inc Balance Sheet Vertical Trend Parcentages (%) 2018 2015 2014 2016 2015 2014 $279,000 $263,000 $234,000 740,000 609,000 556,000 31,000 27,000 24,000 426,000 359,000 296,000 516,000 441,000 371,000 $1,992,000 $1,699,000 $1,481,000 $1,361,000 $1,137,000 $998,000 394,000 356,000 300,000 162,000 153,000 136,000 75,000 53,000 41,000 $1,992,000 $1,699,000 $1,481,000 b) Assuming all other things are constant, indicate whether the vertical trend between cost of goods sold and sales is favourable or unfavourable The vertical trend is (select one) b) Assuming all other things are consta unfavourable. The vertical trend is (select one). (select one) favourable unfavourable