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 indicated with a minus sign. Round your percentage answers to 1 decimal place.) Answer is not complete. FEDERER SPORTS APPAREL Income Statement For the Years Ended December 31 Year Increase (Decrease) 2022 2021 Amount % 15 $ Net sales Cost of goods sold 18,800,000 13,200,000 15,500,000 $3,300,000 21.3 7,000,000 2,020,000 Gross profit 5,600,000 8,500,000 (2,900,000) (34.1) Operating expenses 1,000,000 1,200,000 400,000 33.3 Depreciation expense 1,000,000 1,000,000 0 Inventory write-down 200,000 200,000 Loss (Mitigation) 1,500,000 300,000 1,200,000 Income before tax 1,300,000 6,000,000 700,000 Income tax expense Net income 450,000 2,000,000 (1,550,000) $ 850,000 $4,000,000 (3.150,000) (78.8)