The income statements for Federer Sports Apparel for 2022 and 2021 are presented below. Required: Prepare a horizontal analysis for 2022 using 2021 as the base year. (Decreases should be indicate percentage answers to 1 decimal place.) FEDERER SPORTS APPAREL Income Statement For the Years Ended December 31 Year Increase (Decrease) 2022 2021 Amount Net sales $ 19,300,000 $ 16,000,000 S Cost of goods sold 12,969,600 7,312,000 Gross profit 6,330,400 8,688,000 Operating expenses 1,737,000 1,312,000 Depreciation expense 1,119,400 1,119,400 Inventory write down 308,800 Loss (litigation) 1,640,500 384,000 Income before tax 1,524,700 5,872,600 Income tax expense 559,700 2,144,000 Net income $ 965,000 $ 3,728,600 < Prev 2 of 5 Next