Print Ltern Horzontal Analy bAll of the keAssignment/takeAssignmentMain.do? eBook Show Me How Calculator Print Item Horizontal Analysis of the Income Statement Income statement data for Winthrop Company for two recent yea rs ended December 31, are as follows: Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Income before income tax Income tax expenses Net income Current Year $396,800 341,600 $55,200 $15,960 14,640 $30,600 $24,600 9,800 $14,800 Previous Year $320,000 280,000 $40,000 $14,000 12,000 $26,000 $14,000 5,600 $8,400 a. Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease) for the current year when year. If required, round to one decimal place. Winthrop Company Comparative Income Statement For the Years Ended December 31 Current Prevines Tncrease Inrrease Ched My Work 2 more Check My Work uses remaining takeAssignment takeAssignmentMain.do?invoker assignments&takeAssignmentSess SessionLocatori assignment take&inprogresstalse m 1 eBook Show Me How Comparative Income Statement For the Years Ended December 31 Calculato Print Item Current PreviousIncrease Increase yearear (Decrease) (Decreae) Amount Amount Amount Percent $396,800 t320,000s(76.800) | 24 % Sales Cost of goods sold 341,600 280,000 5400 22 $40,000-7400] Gross proft $55,200 341% Selling expenses $15,960 $14,000 Administratve expenses 14,640 12.000 Total operating expenses Income before income tax Income tax expense $30,600 $26,000 $14,000 5,600 $14,800 $8,400 s )( % $24,600 9,800 Net income in sales and b. The net income for Winthrop Company increased between years. percentage in cost of goods sold. The cost of goods sold increased at a rate than t than the percentage increase in sales increase in sales, thus causing the percentage increase in gross profit to be Previous Check My Work 2 more Check My Work uses remaining