50) The vertical analysis of the income statement of Bates, Inc. is as shown below Bates, Inc. Comparative Income Statement Years Ended December 31, 2019 and 2018 Percent of Total Percent of Total (In millions) Net Sales Cost of Goods Sold Gross Profit 2019 2018 kiss 100m $4.920 100m 100 0 10. Total Operating Expenses Operating Income Other Income and (Expenses) Interest Expense Total Other Income and (Expenses) 90 29. 34. 23. 20. Before Income Taxes Tax Expense et Income The figure 470% shown for gross profit in 2019 signifies that the gross profit is A)equal to 47.0% of net income B) increased by 47.0% over the previous year C) 47.0% of net sales revenue D)47 0% of cost of goods sold