Rags to Riches Selected d a from the financial statements are provided below: Accounts Receivable Inventory Total Assets Net Sales Cost of Goods Sold Refer to Rags to Riches. Which of the following would result from a horizontal analysis of the company's income statement? O a. Cost of goods sold is 42.1% of net sales for 2015. (e) b. Cost of goods sold decreased 23.8% from 2014 to 2015. 2015 2014 $120,000 $76,000 24,000 32,000 900,000 760,000 760,000 540,000 320,000 420,000 Inventory decreased $4,000 or 20% during 2014 d, Gross profit is 57.9% of net sales for 2015. Icon Key