Metlock, Inc. has the following income statement (in millions):

METLOCK, INC. Income Statement For the Year Ended December 31, 2023
Net Sales	$440
Cost of Goods Sold	286
Gross Profit	154
Operating Expenses	74
Net Income	$  80

Using vertical analysis, what percentage is assigned to cost of goods sold?

100%

65%

50%

38%