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Question 1
Margaret Corp. reported the following on its comparative income statement:

202020192018
Revenue$9,930$9,800$9,210
Cost of Goods Sold7,2206,8006,126


Prepare a horizontal analysis of revenues and gross profit--both in dollar amounts and in percentages--for 2020 and 2019.

Increase (Decrease) 2020Increase (Decrease) 2019
202020192018AmountPercentAmountPercent
Revenue
COGS
Gross Profit