Bramble Ltd. has provided you with the following selected information from 2020 and 2021:

		2021		2020
Sales		$789000		$740000
Sales returns and allowances		55100		54500
Cost of goods sold		355000		309000
Operating expenses		287000		260000
Profit		91900		116500

Using a vertical trend analysis with net sales as a base, which of the following most accurately depicts the information stated above?

Profit as a percentage of net sales did not change significantly from 2020.

Cost of goods sold as a percentage of net sales remained consistent from 2020.

Cost of goods sold as a percentage of net sales decreased by 3 percentage points.

Profit as a percentage of net sales decreased by 4.5 percentage points.