Multiple Choice
The vertical analysis statement of Nobell Inc. is as below: 
The figure 47.0% shown for gross profit in 2016 signifies that:
A) gross profit is equal to 47.0% of net income.
B) gross profit is increased by 47.0% over the previous year.
C) gross profit is 47.0% of net sales revenue.
D) gross profit is 47.0% of cost of goods sold.
Correct Answer:
Verified
Correct Answer:
Verified
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