Page 1: 1 N 2 3 4 5 6 Question 15 (1 point) A vertical analysis is being conducted for TTG Ltd. TTG Ltd. Income Statement Year Ended December 31 2020 2021 2022 Revenue a > 7 8 > > 9 Cost of goods sold $ 732,000 $ 782,000 $ 832,000 439,200 461,380 482,560 Gross profit 292,800 320,620 349,440 Selling expenses 109,800 109,480 124,800 => 12 Operating expenses 36,600 46,920 41,600 Operating income 146,400 164,220 183,040 Income tax expense 51,240 57,477 64,064 Net income 95,160 106,743 118,976 13 14 15 1 1 17 18 16 1 11 19 20 21 Based on the above comparative income statement, what is used as the base to conduct the vertical analysis? 2020 as a base year. Net income. 2020 revenue as a base for all years. Revenue.