The vertical analysis statement of Bateman, Inc. is as shown below:

Bateman, Inc. Comparative Income Statement Years Ended December 31, 2017 and 2016
(In millions)	2017	Percent of Total		2016	Percent of Total
Net Sales	$6,355	100.0%		$4,920	100.0%
Cost of Goods Sold	3,370	53.0		2,200	44.7
Gross Profit	2,985	47.0		2,720	55.3
Operating Expenses:
Selling Expenses	675	10.6		580	11.8
Administrative expenses	410	6.5		425	8.6
Total Operating Expenses	1,085	17.1		1,005	20.4
Operating Income	1,900	29.9		1,715	34.9
Other Revenues and (Expenses):
Interest Revenue	0	0		0	0.0
Interest Expense	(400)	(6.3)		(695)	(14.1)
Total Revenues and (Expenses)	(400)	(6.3)		(695)	(14.1)
Income Before Income Taxes	1,500	23.6		1,020	20.7
Income Tax Expense	230	3.6		210	4.3
Net Income	$1,270	20.0%		$810	16.5%

The figure 47.0% shown for gross profit in 2017 signifies that the gross profit is ________.

A. equal to 47.0% of net income

B. 47.0% of net sales revenue

C. increased by 47.0% over the previous year

D. 47.0% of cost of goods sold