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the following items were taken from the financial statements of mike inc., over a five-year...

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Accounting

The following items were taken from the financial statements of Mike Inc., over a five-year period: Item 2022 2021 2020 2019 22018 Net Sales $ 980,000 $ 900,000 $ 650,000 $ 550,000 $ 500,000 Cost of Goods Sold 700,000 640,000 480,000 420,000 400,000 Gross Profit $ 280,000 $ 260,000 $ 170,000 $ 130,000 $ 100,000 Instructions Using horizontal analysis and 2018 as the base year, calculate the trend percentages for net sales, cost of goods sold, and gross profit. Explain whether the trends are favourab

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