. Salamagundi, Inc. has the following Income Statement (in millions): SALAMAGUNDI, INC. Income Statement For the Year Ended December 31, 2017 Net Sales $160 100 60 Cost of Goods Sold Gross Profit Operating Expenses Net Income 40 $ 20 Using vertical analysis, what percentage is assigned to gross profit? A) 37.5% B) 100% C) 60% D) 62.5%