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Splish Brothers Inc. has the following income statement (in millions): SPLISH BROTHERS INC. Income Statement For the Year Ended December 31, 2023 Net Sales $680

Splish Brothers Inc. has the following income statement (in millions):

SPLISH BROTHERS INC. Income Statement For the Year Ended December 31, 2023
Net Sales $680
Cost of Goods Sold 442
Gross Profit 238
Operating Expenses 69
Net Income $ 169

Using vertical analysis, what percentage is assigned to cost of goods sold?

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