Use the following income statements. LOCKEY FENCING CORPORATION Income Statements For the Years Ended December 31 Current Previous Net Sales $100,000 $75,000 Cost of Goods Sold 58,000 45,000 Gross Profit 42,000 30,000 Selling, General, and Administrative 9,000 4,500 Expenses Income from Operations 33,000 25,500 Interest Expense 3,000 3,750 Income before Income Tax 30,000 21,750 Income Tax Expense 9,000 6,525 Net Income $ 21,000 $15,225 a. What are the two most significant year-over-year changes in terms of dollars? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answers and double click the box with the question mark to empty the box for a wrong answers.) 2 Net Sales Cost of Goods Sold 2 Gross Profit Selling, General, and Administrative Expenses 2 Income from Operations Interest Expense Income before Income Tax Income Tax Expense 2 Net Income b. What are the two most significant year-over-year changes in terms of percentages? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answers and double click the box with the question mark to empty the box for a wrong answers.) 2 2 2 Net Sales Cost of Goods Sold Gross Profit Selling, General, and Administrative Expenses Income from Operations Interest Expense Income before Income Tax Income Tax Expense Net Income