Condensed financial data are presented below for the Phoenix Corporation:

Interest expense $10,000$

Income tax expense $77,500$

Net income $127,500$

Cash flow from operations $71,000$

Cash flow from investing activities $(6,000)$

Cash flow from financing activities $(62,500)$

Tax rate $30\%$

In a common size income statement for $20$X$2,$ cost of goods sold is expressed as:

Multiple Choice

$92\mathrm{.}0\%$

$167\%$

$119\%$

$60\mathrm{.}0\%$