Help Save & Exit Submit If the manager were to perform a horizontal analysis on the above income statement, what would be the percentage reported for the Cost of goods sold in 2020? Net sales 2020 164,313 2019 105,027 Cost of goods sold 35,940 24,310 Gross profit from sales 128,373 80,717 Expenses Advertising 34,390 20,579 Selling and admin 30,833 18,005 Depreciation expense 6,137 4,079 Income before tax 57,013 38,054 Income tax 14,937 13,814 Profit 42,076 24,240 Multiple Choice 32.36%