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?

Question

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The Answer of 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?

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