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Sage Hill Inc. has the following Income Statement (in millions): SAGE HILL INC. Income Statement For the Year Ended December 31, 2023 Net Sales $380

Sage Hill Inc. has the following Income Statement (in millions): SAGE HILL INC. Income Statement For the Year Ended December 31, 2023 Net Sales $380 Cost of Goods Sold 266 Gross Profit 114 Operating Expenses 48 Net Income $ 66 Using vertical analysis, what percentage is assigned to gross profit? 70.0% 30.0% 100% 42.9%

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