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The statement of income for Duffy Dog Ltd. is shown below: DUFFY DOG LTD. Statement of Income Year Ended December 31 (in millions) 2021 2020

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The statement of income for Duffy Dog Ltd. is shown below: DUFFY DOG LTD. Statement of Income Year Ended December 31 (in millions) 2021 2020 2019 Sales $1.613 $1,404 $1,206 Cost of goods sold 908 754 602 Gross profit 705 604 Operating expenses 516 410 401 Income from operations 240 203 Interest expense 50 40 Income before income tax 110 190 163 Income tax expense 25 48 41 Net income $85 $142 $122 ka Using horizontal analysis, calculate the horizontal percentage of a base-year amount assuming 2019 is the base year. (Round answers to 1 decimal place, e.g. 5.2%. Enter negative amounts using either a negative sign preceding the numbereg-25.136 or parentheses eg. (45.1960 DUFFY DOG LTD. Horizontal Analysis of Statement of Income (% of base-year amount) Year Ended December 31 2021 2020 2019 Sales PA 19 Cost of goods sold 98 Gross profit 90 Operating expenses 190 98 Income from operations 96 06 Interest expense PO Income before 90 income tax income tax 98 expense Net Income 90

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