Salamagundi, Inc. has the following Income Statement (in millions): SALAMAGUNDI, INC. Income Statement For the Year Ended December 31, 2017 $400 220 180 140 40 Net Sales Cost of Goods Sold Gross Profit Operating Expenses Net Income Using vertical analysis, what percentage is assigned to cost of goods sold? 55% O 1) d. 45% O O 2) 35% 3) 100%