Exercise $12-3($Static$)$ Prepare horizontal analysis $($LO$12-2)$

The income statements for Federer Sports Apparel for $2025$ and $2024$ are presented below.

Required:

Prepare a horizontal analysis for $2025$ using $2024$ as the base year. $($Decreases should be indicated with a minus sign. Round your percentage answers to $1$ decimal place.$)$

$\backslash$table$[[$FEDERER SPORTS APPAREL$],[$Income Statement$],[$For the Years Ended December $31],[,$Year,Increase $($Decrease$)],[,,2025,,2024,$Amount,$\%],[$Net sales,$$,18,800,000,,15,500,000,,],[$Cost of goods sold,,$13,200,000,,7,000,000,,],[$Gross profit,,$5,600,000,,8,500,000,,],[$Operating expenses,,$1,600,000,,1,200,000,,],[$Depreciation expense,,$1,000,000,,1,000,000,,],[$Inventory write$-$down,,$200,000,,,,],[$Loss $($litigation$),,1,500,000,,300,000,,],[$Income before tax,,$1,300,000,,6,000,000,,],[$Income tax expense,,$450,000,,2,000,000,,],[$Net income,$$,850,000,$$$,4,000,000,,]]$