Shelcal Inc provides the following data for the year 2015.

Sales Revenue $400,000

Sales Returns and Allowances 1,200

Sales Discounts 800

Net Sales Revenue $398,000

Cost of Goods Sold $255,000

On vertical analysis report, the cost of goods sold as a percentage of net sales revenue will amount to ________

a. 63.48%

b. 64.07%

c. 61.15%

d. 59.42%