Please, use the income statement information of BobCat Inc. Using vertical analysis, what is the gross income margin? Said differently: what percent is assigned to gross income? BobCat Inc. Income Statement For the Year Ended December 31, 2015 Net Sales $500 Cost of Goods Sold 280 Gross Profit 220 Operating Expenses 120 Net Income $ 100

• A. 56%

• B. 24%

• C. 44%

• D. 20%