The income statement of Small Town, Inc. is as shown below: Small Town, Inc. Comparative Income Statement Year Ended December 31, 2025 (In millions) Net Sales $ 7,700 Cost of Goods Sold 3,900 Gross Profit 3,800 Operating Expenses Selling Expenses 600 400 Administrative Expenses Total Operating Expenses 1,000 Operating Income 2,800 Other Income and (Expenses): Interest Expense (400) Total Other Income and )Expenses) (400) Income Before Income Taxes 2,400 Income Tax Expense 1,400 Net Income Performing a vertical analysis, what is the percentage of Cost of Goods Sold to Net Sales? 1,000 S A. 18.18% O B. 31.17% O C. 50.65% OD. 49.35%