The following data were adapted from the financial statements of Kmart Corporations, prior to its filing for bankruptcy:

a. Prepare a horizontal analysis for the income statement showing the amount and percent of change in each of the following.1. Sales2. Cost of sales3. Selling, general, and administrative expenses 4. Operating income (loss)b. Comment on the results of your horizontal analysis in part (a).

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In milions 1999 For years ending January 31 2000 $ 37028 (29,658) 5 35.925 Sales Cost of sales texpense) (28.111) (6,514) Selling general, and administrative expenses Operating income (less) (7415) S 1300