P12-31A. Horizontal and vertical analysis (Learning Objectives 2 & 3) 20-25 min. Net sales, net income, and total assets for Gene Blue Clothing Emporium for a four-year period follow: (in thousands) Net Sales.............. Net Income Ending Total Assets 2010 2009 2008 2007 $381 $357 $321 $331 31 23 16 24 193 177 165 148 Requirements 1. Compute trend percentages for each item for 2007-2010. Use 2007 as the base year. 2. Compute the rate of return on net sales for 2008-2010, rounding to three dec- imal places. In this industry, rates of 6% are average, rates above 8% are con- sidered good, and rates above 10% are viewed as outstanding. 3. How does Gene Blue Clothing Emporium's return on net sales compare with the industry?