Pettit Corporation reported the following operating results for two consecutive years.

Required:

Compute the percentage changes in Pettit Corporations income statement components between the two years.

Sales	$1,000,000	$800,000
Cost of goods sold	590,400	480,000
Gross margin on sales	409,600	320,000
Operating expenses	249,600	160,000
Income before taxes	160,000	160,000
Income taxes	63,000	51,000
Net income	$97,000	$109,000