The following percentages are taken from the vertical analysis of Income Statement and Balance Sheet of Company (X):

Gross Margin = 58% Office Rent = 6% Salaries and Wages = 32% Utilities = 5% Account payable = 20% Fixed Assets = 30% Cash = 15% Accounts Receivables = 48% Inventory = ? Costs of goods sold = ?

8. The percentage of cost of goods sold = (3 Points)

57%

12%

42%

37%