QUESTION 7 Salamagundi, Inc. has the following Income Statement (in millions): SALAMAGUNDI, INC. Income Statement For the Year Ended December 31, 2023 Net Sales $160 Cost of Goods Sold 100 Gross Profit 60 Operating Expenses 40 Net Income $ 20 Using vertical analysis, what percentage is assigned to gross profit? 37.5% 100% 60% 62.5%