Sheridan, Inc. has the following income statement (in millions):

Sheridan, Inc. Income Statement For the Year Ended December 31, 2017
Net Sales	$340
Cost of Goods Sold	197.2
Gross Profit	142.8
Operating Expenses	50
Net Income	$92.8

Using vertical analysis, what percentage is assigned to Cost of Goods Sold?

42%

58%

100%

None of these answer choices are correct