16 Salamagundi, Inc. has the following Income Statement (in millions): Using vertical analysis, what percentage is assigned to gross profit? SALAMAGUNDI, INC. Income Statement For the Year Ended December 31, 2017 Net Sales $160 Cost of Goods Sold 100 Gross Profit 60 Operating Expenses Net Income $ 20 Minimized View 37.5% 100% 60% 62.5% 40