Vaughn, Inc. has the following income statement (in millions):

Vaughn, Inc. Income Statement For the Year Ended December 31, 2019
Net Sales	$320
Cost of Goods Sold	156.8
Gross Profit	163.2
Operating Expenses	50
Net Income	$113.2

Using vertical analysis, what percentage is assigned to Cost of Goods Sold?

51%

49%

100%

None of these answer choices are correct