18. Cochran Corporation, Inc. has the following income statement (in millions):

COCHRAN CORPORATION, INC.

Income Statement

For the Year Ended December 31, 2020

Net Sales $240

Cost of Goods Sold 150

Gross Profit 90

Operating Expenses 65

Net Income $ 25

Using vertical analysis, what percentage is assigned to cost of goods sold?

Group of answer choices

100%

50%

63%

37%