1. To follow is selected information about the Little Dipper Company for the current year and prior year.

   Account Current Year Prior Year

   Net sales revenue $651,000 $595,000

   Cost of goods sold $417,720 $425,000

   Gross profit $233,280 $170,000

   Selling/general expenses $149,040 $93,500

   Net income before tax $84,240 $76,500

   Income tax $25,920 $22,800

   Net income $58,320 $53,700

   What is the current year's cost of goods sold percentage (as would be found on a vertical analysis of the income statement for the current year)?

   Please show steps, thanks!