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Salamagundi, Inc. has the following Income Statement (in millions): SALAMAGUNDI, INC. Income Statement For the Year Ended December 31, 2014 Net Sales $160 Cost of
Salamagundi, Inc. has the following Income Statement (in millions):
SALAMAGUNDI, INC. Income Statement For the Year Ended December 31, 2014
Net Sales $160
Cost of Goods Sold 90
Gross Profit 70
Operating Expenses 40
Net Income $ 30
Using vertical analysis, what percentage is assigned to gross profit?
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