13) The vertical analysis statement of Nobell Inc. is as below: Nobell Inc. Comparative Income Statement years Ended Dec 31, 2015 and 2014 In millions) 2016 Percent of Total Net Sales Cost of Goods Sold S4,920 1 00.0% 44.7 55.3 53.0 Gross Profit Operating Expenses: Selling Expenses Administrative expenses $2,720 S675 $410 S580 6.5 17.1 29.9 11.8 8.6 20.4 34.9 S1,005 $1,715 Operating Income Other Revenues and (Expenses): Interest Revenue Interest Expense Total Other Revenues and (Expenses) Income Before Taxes Income Tax Expense Net Income $1,900 0.0 (695)14.D $1,500.(63) 23.6 $1,020 20.7 4.3 16.5 20.0 $810 The figure 165% shown for net income in 2015 signifies that A) net income is equal to 16.5 times of the income before income tax. B) net inconne is 16.5% of gross profit. C) net income is increased by 165% over the previous year. D) net income is 16.5% of net sales revenues