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Here are the comparative income statements of Cullumber Corporation. CULLUMBER...

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Accounting

Here are the comparative income statements of Cullumber Corporation.

CULLUMBER CORPORATION Comparative Income Statement For the Years Ended December 31

2022

2021

Net sales

$619,900

$541,200

Cost of goods sold

464,600

415,500

Gross Profit

155,300

125,700

Operating expenses

70,400

49,600

Net income

$ 84,900

$ 76,100

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Prepare a horizontal analysis of the income statement data for Cullumber Corporation, using 2021 as a base. (If amo the numbers as negative, e.g. -55,000, -20% or (55,000), (20%). Round percentages to 1 decimal place, e.g. 12.1%.) CULLUMBER CORPORATION Comparative Income Statement Increase or (Decrease) During 2022 2022 2021 Amount Percentage $619,900 $541,200 $ Net sales Cost of goods sold 464,600 415,500 Gross Profit 155,300 125,700 Operating expenses 49,600 70,400 $84,900 $76,100 $ Net income Prepare a vertical analysis of the income statement data for Cullumber Corporation for both years. (Round percentag CULLUMBER CORPORATION Condensed Income Statements 2022 2021 Percent Percent $619,900 % $541,200 Net sales Cost of goods sold 464,600 415,500 Gross Profit 155,300 125,700 Operating expenses 70,400 49,600 $ 84,900 $76,100 Net income

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