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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 $480

Teal Mountain Inc. has the following income statement (in millions): TEAL MOUNTAIN INC. Income Statement For the Year Ended December 31, 2023 Net Sales $480 Cost of Goods Sold 264 Gross Profit 216 Operating Expenses 67 Net Income $ 149 Using vertical analysis, what percentage is assigned to cost of goods sold? 55% 37% 100% 50%

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