Sage Hill Inc. has the following Income Statement (in millions):

SAGE HILL INC.

Income Statement

For the Year Ended December 31, 2023

Net Sales $400

Cost of Goods Sold 240

Gross Profit 160

Operating Expenses 49

Net Income $ 111

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

60.0%

40.0%

100%

66.7%