M13-1 Calculations for Horizontal Analyses [LO 13-2] Using the following income statements, perform the calculations needed for horizontal analyses (Decreases should be indicated by a minus sign. Round percentage values to 1 decimal place.) LOCKEY FENCING CORPORATION Income Statements For the Years Ended December 31 Change in Current Previous Dollars Percentage Net Sales Cost of Goods Sold Gross Profit Selling, General, and Administrative Expenses Income from Operations Interest Expense Income before Income Tax Income Tax Expense Net Income $ 106,000 $ 78,000 46,500 31,500 3,900 27,600 4,350 23,250 6,975 $ 23,730 $ 16,275 61,000 45,000 7,800 37,200 3,300 33,900 10,170