Saira, Inc. has the following income statement (in millions): SAIRA, INC. Income Statement For the Year Ended December 31, 2014 Net Sales $300 Cost of Goods Sold 180 Gross Profit 120 Operating Expenses 45 Net Income $75 Using vertical analysis, what percentage is assigned to Cost of Goods Sold?

Answer

		40%
		60%
		100%
		None of these answer choices are correct.