Exercise 12-3A Prepare horizontal analysis (LO12-2)

Exercise 12-3A Prepare horizontal analysis (LO12-2) The income statements for Federer Sports Apparel for 2022 and 2021 are presented below. Required: Prepare a horizontal analysis for 2022 using 2021 as the base year. (Decreases should be indicated with a minus sign. Round your percentage answers to 1 decimal place.) FEDERER SPORTS APPAREL Income Statement For the Years Ended December 31 Year Increase (Decrease) $ Net Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Inventory write-down Loss rigation) Income before tax Income tax expense 2022 19,400,000 12,920 400 6.479,600 1,765.400 1.144,600 329.800 1,668.400 1,571 400 582,000 989,400 2021 16,100,000 7.373.800 8.726,2001 1.336,300 1,144 600 289.800 5,955 500 2 173.500 3.782 000 Net income $