Percent of net FRENCH INSTRUMENT CORPORATION AND SUBSIDIARIES Consolidated Statements of Operation (Unaudited) (In thousands of dollars, except share data) Second Quarter 2020 2019 Net sales 6,782 $ 7,035 Cost of sales 4,101 4,474 Gross margin 2,681 2,561 Expenses: Selling, general and administrative 1,857 1,795 Product development 187 177 Interest expense 110 135 Other (income), net (160) (87) Total expenses 1,994 2,020 Income before income taxes 687 541 Provision for income taxes 277 221 Net income $ 410 $ 320 Net income per common share* $ 0.05 $ 0.03 Weighted average number of common shares and equivalents 6,673,673 6,624,184 Assume this is a partial list of financial highlights from a Best Buy annual report: 2019 Net sales Earnings before taxes Net earnings 2020 (dollars in millions) $ 42,580 $ 37, 075 2,331 1,333 1,418 941 Complete a horizontal and vertical analysis from the above information. (Enter your answers in millions. Round the "percent" answers to the nearest hundredth percent.) Horizontal analysis 2019 Increase 2020 Percent Vertical analysis 2020 2019 % Net sales % Earnings before taxes % % Net earnings 1% % Percent of net FRENCH INSTRUMENT CORPORATION AND SUBSIDIARIES Consolidated Statements of Operation (Unaudited) (In thousands of dollars, except share data) Second Quarter 2020 2019 Net sales 6,782 $ 7,035 Cost of sales 4,101 4,474 Gross margin 2,681 2,561 Expenses: Selling, general and administrative 1,857 1,795 Product development 187 177 Interest expense 110 135 Other (income), net (160) (87) Total expenses 1,994 2,020 Income before income taxes 687 541 Provision for income taxes 277 221 Net income $ 410 $ 320 Net income per common share* $ 0.05 $ 0.03 Weighted average number of common shares and equivalents 6,673,673 6,624,184 Assume this is a partial list of financial highlights from a Best Buy annual report: 2019 Net sales Earnings before taxes Net earnings 2020 (dollars in millions) $ 42,580 $ 37, 075 2,331 1,333 1,418 941 Complete a horizontal and vertical analysis from the above information. (Enter your answers in millions. Round the "percent" answers to the nearest hundredth percent.) Horizontal analysis 2019 Increase 2020 Percent Vertical analysis 2020 2019 % Net sales % Earnings before taxes % % Net earnings 1% %