Wilson Corporation Income Statement. Year 2 $ 90,000 Year 1 $ 75,000 Sales Cost of goods sold. 27,000 23,000 Gross margin 63,000 52,000 Selling and administrative expenses 29,000 26,000 Net income before taxes 34,000 26,000 Income taxes (30%) 10,200 7,800 Net income $ 23,800 $ 18, 200 From the horizontal analysis prepared using the income statements of Wilson Corporation, the cost of goods sold in Year 2. O is 30.7% of total sales increased by 17.4% O is 69.3% of total sales O increased by 21.5% Assume the following sales data for a company. Year 4 $ 1,200,000 Year 3 960,000 Year 2 840,000 Year 1 600,000 Knowledge Check 02 If Year 1 is the base year, what is the percentage increase in sales from Year 1 to Year 3? O 100% O 160% 60% 62.5%