Income statement information for Turay Corporation follows:

Sales	$200,000
Cost of merchandise sold	140,000
Gross profit	60,000

Prepare a vertical analysis of the income statement for Turay Corporation.

Turay Corporation Vertical Analysis of the Income Statement

	Amount	Percentage
Sales	$200,000	fill in the blank 1%
Cost of merchandise sold	140,000	fill in the blank 2%
Gross profit	$60,000	fill in the blank 3%