The following information is provided from EZ Electronics' annual report for the years ended December 31: Refer to the EZ Electronics annual report above. Using vertical analysis, 2010 operating expenses would be represented as ________.

100%

40%

60%

250%

Sales Cost of goods sold Gross profit Operating expenses Income before taxes Income tax expense Net income 2012 $120,000 40,000 80,000 48,000 32,000 9,600 $ 22400 2011 $110,000 34,000 76,000 42,000 34,000 10,200 $ 23,800 2010 $100,000 30,000 70,000 40,000 30,000 9,000 $ 21,000