Vertical analysis (common size) percentages for Waubons Company’s sales, cost of goods sold, and expenses are listed here.

Vertical Analysis

2010

2009

2008

Sales

100.0%

100.0%

100.0%

Cost of goods sold

60.5

62.4

64.5

Expenses

26.0

26.6

28.5

Did Waubons’s net income as a percent of sales increase, decrease, or remain unchanged over the 3 year period? Provide numerical support for your answer.