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Teal Mountain Inc. has the following Income Statement (in millions): TEAL MOUNTAIN INC. Income Statement For the Year Ended December 31, 2023 Net Sales

Teal Mountain Inc. has the following Income Statement (in millions): TEAL MOUNTAIN INC. Income Statement For the Year Ended December 31, 2023 Net Sales $400 Cost of Goods Sold 256 Gross Profit 144 Operating Expenses 49 Net Income $ 95 Using vertical analysis, what percentage is assigned to gross profit? 56.3% 100% 64.0% 36.0%

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