Using vertical analysis what percentage is assigned to net sales?

Salamagundi, Inc. has the following Income Statement (in millions) SALAMAGUNDI, INC. Income Statement For the Year Ended December 31, 2017 Net Sales Cost of Goods Sold Gross Profit Operating Expenses Net Income $160 100 60 40 $ 20 Using vertical analysis, what percentage is assigned to net sales? 1) 160% 2) Can't be computed. 3) 60%. 4) 100%. Save