Metlock, Inc. has the following Income Statement (in millions):

METLOCK, INC. Income Statement For the Year Ended December 31, 2023
Net Sales	$140
Cost of Goods Sold	84
Gross Profit	56
Operating Expenses	45
Net Income	$ 11

Using vertical analysis, what percentage is assigned to gross profit?

66.7%

40.0%

100%

60.0%