Haskell Corporation reported the following operating results for two consecutive years.
_______________________2019 2018 Percentage Change
Sales ........................$550,000.................. $500,000
Cost of goods sold......... 327,600................. ..312,000
Gross margin................ 222,400.................. .188,000
Operating expenses.......... 87,400................... 76,000
Income before taxes........ 135,000.................. 112,000
Income taxes.................. 34,000................... 24,000
Net income................. $101,000..................$ 88,000
Required
a. Compute the percentage changes in Haskell Corporation's income statement components for the two years. Round percentages to one decimal point.
b. Comment on apparent trends revealed by the percentage changes computed in Requirement a.