Prepare a horizontal analysis of the following comparative income statement of The Charmed Group. (Click the loon to view the comparative Income statement.) Why did net income increase by a higher percentage than net sales revenue during 2020? Show Charmed's horizontal analysis of net sales and expenses. (Round the percentages to the nearest hundredth percent.) The Charmed Group Horizontal Analysis of Comparative Income Statements Years Ended December 31, 2020 and 2019 (amounts in thousands) Increase/(Decrease) 2020 2019 Amount Percent Sales revenues $ 458,800 $ 400,000 Less: Cost of goods sold 209,820 195,000 Gross profit 248,980 $ 205,000 Less: Operating expenses 95,670 90,000 Operating Income $ 153,310 $ 115,000 Less: Interest expense 4,250 3,125 Income before Income taxes $ 149,060 $ 111,875 Less: Income tax expense 16,420 11,875 Net Income $ 132,640 $ 100,000 Why did net income increase by a higher percentage than net sales revenue during 2020? Net income increased by a much higher percentage than total revenues during 2020 because Increased at a higher rate than did