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What percentage is assigned to cost of goods sold

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Question - Concord Corporation, Inc. has the following income statement (in millions):

Concord Corporation, Inc. Income Statement

For the Year Ended December 31, 2017 Net Sales $310 Cost of Goods Sold 124 Gross Profit 186 Operating Expenses 60 Net Income $126

Using vertical analysis, what percentage is assigned to cost of goods sold?

a. 60.0%

b. 40%

c. 100%

d. 50%

Reference no: EM132535636

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