Multiple Choice Question 108

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

TAMARISK, INC. Income Statement For the Year Ended December 31, 2017 Net Sales $184 Cost of Goods Sold 113 Gross Profit 71 Operating Expenses 47 Net Income $ 24

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

61.4%

63%

38.6%

100%