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Cochran Corporation, Inc. has the following income statement (in millions): COCHRAN CORPORATION, INC. Income Statement For the Year Ended December 31, 2017 Net Sales: $240

Cochran Corporation, Inc. has the following income statement (in millions): COCHRAN CORPORATION, INC. Income Statement For the Year Ended December 31, 2017 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?

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