The following items were taken from the financial statements of Ritz Inc., over a four-year period:

ItemYr 4Yr 3Yr 2Yr 1Net Sales$800,000$700,000$550,000$500,000Cost of Goods Sold560,000500,000420,000400,000Gross Margin$240,000$200,000$130,000$100,000Required:

Using horizontal analysis and Yr 1 as the base year, compute the trend percentages for net sales, cost of goods sold, and gross profit.