The 4 years of data for Simcoe Inc. are used in the following 3 questions: 1 Net sales Cost of goods sold Gross profit Operating expenses Net income $26,000 43.3% 86.7% up by 15.4% 2018 115.4% $83,000 34,000 $49,000 26,000 2017 $75,000 32,000 $43,000 22,000 2016 $67,000 30,000 19,000 2015 $23,000 $21,000 $18,000 $60,000 $37,000 $34,000 Based on the 2015 information, a common size-income statement would report the cost of goods sold as: 26,000 14,000 $20,000