Item Year 4 Year 3 Year 2 Year 1 Net sales $500,000 $550,000 $540,000 $550,000 Cost of goods sold 375,000 420,000 520,000 400,000 Gross margin $125,000 $130,000 $20,000 $150,000 Note: Round final answers to the nearest whole number. Required: Using horizontal analysis and Year 1 as the base year, compute the trend percentages for net sales, cost of goods sold, and gross profit. Item Year 4 Year 3 Year 2 Year 1 Net sales fill in the blank 1 % fill in the blank 2 % fill in the blank 3 % fill in the blank 4 % Cost of goods sold fill in the blank 5 % fill in the blank 6 % fill in the blank 7 % fill in the blank 8 % Gross margin fill in the blank 9 % fill in the blank 10 % fill in the blank 11 % fill in the blank 12 %