Manero Company included the following information in its annual report:

$20$X$320$X$220$X$1$

Sales $ $178,400$ $ $162,500$ $ $155,500$

Cost of goods sold $115,000102,500100,000$

Operating expenses $50,00050,00045,000$

Operating income $13,40010,00010,500$

In a common$-$size income statement for $20$X$1,$ the cost of goods sold is expressed as

Multiple Choice

$40\mathrm{.}0\%$

$64\mathrm{.}3\%$

$100\mathrm{.}0\%$

$230\mathrm{.}0\%$