Problem #3: Based on the following Balance Sheet and Income Statement for Windsor Manufacturing Inc., calculate the changes in amount and % from 2018 to 2019 and conduct horizontal analysis from 2018 to 2019. Comments on those changes from 2018 to 2019. (hint: comment on the changes in Sales, Gross Profit, Total Expenses, and Net Income after Taxes) income Statement for Windsor Manufacturing Changes Comments Month ending Dec 31, 2019 (in $000s) 2018 2019 2019 - 2018 Revenues $ Sales 3 000 3 625 Cost of goods sold 1 750 2 125 Gross profit 1 250 1 500 % Expenses Operating expenses Depreciation expense Interest expense Total expenses 75 550 125 750 100 500 150 750 Net income before taxes Income taxes (30%) Net Income after taxes 500 150 350 750 225 525 GAs on duty: Razie Kiani Harchegani; Junhui Ma: Javad Mohammadi