Kingbird, Inc. has the following Income Statement (in millions): KINGBIRD, INC. Income Statement For the Year Ended December 31, 2023 Net Sales $300 Cost of Goods Sold 204 Gross Profit 96 Operating Expenses 52 Net Income $ 44 Using vertical analysis, what percentage is assigned to gross profit?

47.1%

100%

68.0%

32.0%