The following information is provided from Ace Electronics' annual report for the years ended December 31 ?2012 2011 2010 Sales Cost of goods sold Gross profit Operating expenses Net income $118,000 12,000 $100,000 40,000 60,000 40.000 S 18,000 S 25,000 20.000 50,000 68,000 50.000 42,000 70,000 45,000 10.2-17) Refer to the Ace Electronics annual report above. Using horizontal analysis with 2010 as the base year, 2011 Sales would be represented as A) 112% B) 12% C) 11% D) 1.12% Answer: B