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 Increased 15.4% Increased 18.2% Increased 84.6% 2018 Increased 118.2% $83,000 34,000 $49,000 26,000 2017 $75,000 32,000 $43,000 22,000 2016 $67,000 30,000 2015 19,000 $23,000 $21,000 $18,000 If you completed a horizontal analysis of operating expenses between 2017 and 2018, which of the following statements about operating expenses is TRUE? $60,000 26,000 $37,000 $34,000 14,000 $20,000