Q.11

Question 11 (1 point) A horizontal analysis is being conducted for TTG Ltd. with 2018 as the base year. Sur Ltd Income Statement Year Ended December 31 2018 2019 2020 Sales $ 732,000 $ 782,000 $ 832,000 Cost of goods sold 439 200 461,380 492,560 Gross profit 292,800 320,620 339,440 Selling expenses 109,800 109,480 124,800 Operating expenses 36,600 46,920 41,600 Operating income 146,400 164,220 173,040 Income tax expense 51,240 57 477 64,064 Net income 95,160 106,743 108,976 Based on the above comparative income statement, what is 2020 Operating Income as a percentage of the base year?(round to the nearest percent) 115% 114% 118% 116%