Question: 2 (17 marks) Prepare a trend (horizontal) analysis for 2018 through to 2020 for the income statement; use 2018 as the base year. Indicate whether

2 (17 marks) Prepare a trend (horizontal) analysis for 2018 through

2 (17 marks) Prepare a trend (horizontal) analysis for 2018 through to 2020 for the income statement; use 2018 as the base year. Indicate whether the trend in cost of goods sold, operating expenses and profit compared with net sales is favorable or unfavorable and why. Net sales Cost of goods sold Gross profit Operating expenses Interest expense Income taxes Prefit Tiger Woods Ltd. Income Statement For Years Ended December 31 2020 $156,000 2019 $142,000 2018 $125,000 98,652 88,640 76,588 57,348 53,360 48,412 29,852 27,600 26,500 4,000 4,600 5,000 5,800 4,900 3,560 $17.696 $16.260 $13.352

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