Question 8 1. Friendly Bookstore has experienced rapid growth since its formation in 2017 Following is selected data from as annual report Required: Item Sales Cost of Goods Sold Net Income Total Assets Number of Books Sold 2020 2019 2018 2017 $840,000 $717,600 $ 618,000 $504,000 $1,512,000 $1,164,000 $ 1,008,000 $1,165,200 $ 63,600 $55,200 $46,800 $ 1,320,000 $ 1,076,400 $921,600 171,406 146,384 126,400 $ 42,000 $763,000 135,561 a. Perform a horizontal common-size analysis of the data given. 15 marks] Item 2020 2019 2018 2017 Sales Cost of Goods Sold Net Income: Total Assets Number of Books Sold b. Comment on the results. [3 marks, 1 mark each] TOSHIBA