Here are the comparative income statements of Cullumber Corporation. CULLUMBER CORPORATION Comparative Income Statement For the Years Ended December 31 2022 2021 Net sales $639,400 $578,200 Cost of goods sold 464,800 433,400 Gross Profit 174,600 144,800 Operating expenses 70,500 43,000 Net income $ 104,100 $ 101,800 (a) Prepare a horizontal analysis of the income statement data for Cullumber Corporation, using 2021 as a base. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000), (20%). Round percentages to 1 decimal place, e.g. 12.1%.)

Horizontal analysis of financial statements is a system of comparing each item of financial statement in a previous year to the current year with each line item analysis expressed in a horizontal pattern for clear comparison.

The change in growth is calculated by deducting the previous year's value of an item of the financial statement from the current year while the percentage growth is calculated by calculating the growth value as a percentage of the previous year value

2022 2021 Change % Change

Net sales 639,400 578,200 61,200 10.6%

Cost of goods 464,800 433400 31,400 7.3%

Gross profit 174,600 144,800 29,800 20.6%

Operating exp. 70,500 43,000 27,500 70%

Net Income 104,100 101,800 2,300 2.26%