ConcordCorporation, Inc. has the following income statement (in millions):

ConcordCorporation, Inc.

Income Statement

For the Year Ended December 31, 2017 Net Sales $310 Cost of Goods Sold 124 Gross Profit 186 Operating Expenses 60 Net Income$126

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

60.0%

40%

100%

50%