+ Project Three: Horizontal and Vertical Analysis Question 2 of 3 -/ 13 View Policies Current Attempt in Progress Here are the comparative income statements of Ivanhoe Corporation. IVANHOE CORPORATION Comparative Income Statement For the Years Ended December 31 2022 2021 Net sales $624,100 $523,300 Cost of goods sold 462,100 405,800 Gross Profit 162,000 117,500 Operating expenses 72,300 44.300 Net income $ 89,700 $ 73,200 (a) Prepare a horizontal analysis of the income statement data for Ivanhoe Corporation, using 2021 as a base. (If amount and percentage are a decrease show the numbers as negative, eg.-55,000, -20% or (55,000), (20%). Round percentages to 1 decimal place, eg. 12.1%.) IVANHOE CORPORATION Comparative Income Statement Increase or (Decrease) During 2022 Amount Percentage 2022 2021 Net sales $624,100 $523,300 $ Cost of goods sold 462.100 405,800 Gross Profit 162,000 117,500 % Operating expenses 72,300 44,300 % Net income $89.700 $ 73,200 $ % (b) Prepare a vertical analysis of the income statement data for Ivanhoe Corporation for both years. (Round percentages to 1 decimal place, e.g. 12.1%) IVANHOE CORPORATION Condensed Income Statements 2022 Percent 2021 Percent Net sales $624,100 $523,300 Cost of goods sold 462.100 % 405,800 %6 Gross Profit 162.000 % 117,500 % Operating expenses 72,300 % 44,300 % Net income $ 89,700 26 $ 73,200 e Textbook and Media Save for Later Attempts: 0 of 3 used Submit