Atlantis, Inc reported the following data
2017 2016 Amount Percentage
Revenues $6,390 $4,940 $1,450 29.35%
Cost of goods sold 3,410 2,400 1,010 42.08%
Gross profit 2,980 2,540 440 17.32%
Operating expenses:
Sales and marketing expense 720 600 120 20%
General and administrative expenses 450 445 5 1.12%
Research and development expense 480 470 10 2.13%
Other expense 420 750 (330 ) (44.00 )%
Total operating expenses 2,070 2,265 (195 ) (8.61 )%
Income before income tax 910 275 635 230.91%
Income tax expense 240 220 $20 9.09%
Net income (loss) $670 $55 $615 1,118.18%
The horizontal analysis shows that cost of goods sold has ________. (Round your answer to two decimal places.)
A) increased by 29.35%
B) decreased by 29.35%
C) increased by 42.08%
D) decreased by 42.08%
C
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