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Review the summary income statement below. How did this firm perform in 2019 compared to 2018? Give at least two specific examples to support your

Review the summary income statement below. How did this firm perform in 2019 compared to 2018? Give at least two specific examples to support your position. Show your work.

(all numbers in thousands)

2019

2018

Net Sales

3,000

2,650

Cost of Goods Sold

(1,400)

(1,150)

Gross Profit

1,600

1,500

Operating Expenses (SG&A)

(800)

(710)

Operating Profit

800

790

Other Income (Expense)

(90)

30

Extraordinary Gain (Loss)

350

(50)

Interest Expense

(200)

(150)

Net Profit Before Taxes (Pretax Income)

860

620

Taxes

(250)

(200)

Net Income

610

420

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