Wally Inc.'s Income Statement reflects the following for the year ending December 31, 2021: Year Ended December 31, 2021 $500 Cost of Goods Sold $260 Gross Profit $240 Operating Expenses $210 $30 Net Sales Net Income Using vertical analysis, what percentage of net sales is represented by net income? Put another way: what is profit margin? (Hint: Profit margin = Net income/Net Sales) O 47% O 10% O 67% O 6%

Wally Inc.'s Income Statement reflects the following for the year ending December 31, 2021: Year Ended December 31. 2021 Using vertical analysis, what percentage of net sales is represented by net income? Put another way: what is profit margin? (Hint: Profit margin = Net income/ Net Sales) 47% 10% 67% 6%