The following income statements for 20X7 and 20X8 are for Kaylee Inc., a client who owns a chain of restaurants. 20x8 20X7 Revenue Cost of goods sold Gross margin Selling, general, and administrative expenses Operating income Net interest expense Earnings before income taxes Income taxes Net income $13,378,554 10,775,151 2,603,403 1,550,215 1,053,188 135,165 918,023 257,046 $ 660,977 $13,370,994 10,665,152 2,705,842 1,415,165 1,290,677 157,485 1,133,192 317,294 $ 815,898 Kaylee Frye, the CEO, has recently heard the term horizontal analysis with respect to financial statement analysis. Which of the following is the percentage for the horizontal analysis of the cost of goods sold? a) -3.79% b) 1.02% c) 1.03% d) 80.54%