Vertical analysis (common size) percentages for Charles Company's sales, cost of goods sold, and expenses are shown below.
|
Vertical Analysis
|
2012
|
2011
|
2010
|
|
Sales
|
100.0
|
100.0
|
100.0
|
|
Cost of goods sold
|
59.2
|
62.4
|
64.5
|
|
Expenses
|
25.0
|
25.6
|
27.5
|
Did Charles's net income as a percent of sales increase, decrease, or remain unchanged over the 3-year period? Provide numerical support for your answer.