Salamagundi, Inc Using Vertical Analysis, What Percentage Is Assigned to Gross Profit

Multiple Choice

Salamagundi, Inc. has the following Income Statement (in millions) : SALAMAGUNDI, INC.
Income Statement
For the Year Ended December 31, 2017
$\begin{array}{lr}\text { Net Sales } & \$ 160 \\\text { Cost of Goods Sold } & 100 \\\text { Gross Profit } & 60 \\\text { Operating Expenses } & 40 \\\text { Net Income } & \$ 20\end{array}$ Using vertical analysis, what percentage is assigned to gross profit?

A) 37.5%
B) 100%
C) 60%
D) 62.5%