The vertical analysis of the income statement of Bates, Inc. is as shown below. Bates, Inc. Comparative Income Statement Years Ended December 31, 2019 and 2018 Bates, Inc. Comparative Income Statement Years Ended December 31, 2019 and 2018 (In millions) Net Sales Cost of Goods Sold 2019 $6,355 3370 Percent of Total 100.0% 53. 0 Percent of 2018 Total $4,920 100.0% 2.200447 580 425 675 410 1,085 1,900 10.6 6.5 17.1 29.9 11.8 86 20.4 34.9 1,005 1,715 Operating Expenses Selling Expenses Administrative Expenses Total Operating Expenses Operating Income Other Income and (Expenses): Interest Expense Total Other Income and (Expenses) Income Before Income Taxes Income Tax Expense Net Income (14.1) (14.1) (400) (400) 1,500 230 $1,270 (6.3) (6.3) 23.6 36 20.0% (695) (695) 1,020 210 $810 20.7 4.3 16.5% The figure 47.0% shown to gross profit in 2019 signifies that the gross profit is The figure 47.0% shown for gross profit in 2019 signifies that the gross profit is O A. increased by 47.0% over the previous year O B. equal to 47.0% of net income O C. 47.0% of net sales revenue O D. 47.0% of cost of goods sold