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.)

FEDERER SPORTS APPAREL Income Statement For the Years Ended December 31 Year Increase (Decrease) Amount % Net sales Cost of goods sold Gross profit Operating expenses Depreciation expense Inventory write-down Loss (litigation) Income before tax Income tax expense Net income 2022 2021 $ 18,800,000 $ 15,500,000 13,200,000 7,000,000 5,600,000 8,500,000 1,600,000 1,200,000 1,000,000 1,000,000 200,000 1,500,000 300,000 1,300,000 6,000,000 450,000 2,000,000 $ 850,000 $4,000,000