You are provided the following information. Gross Sales Revenue Less: Returns and Allowances Net Sales Cost of Goods Sold Cost of Goods Sold 2019 $2,969,357 $53,448 2020 $3,197,894 $63,958 $2,915,908 $3,133,936 Conduct a horizontal analysis over the past 2 years. What is the percent change in gross profit from 2019 to 2020? $1,078,793 $1,063,047