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Kingbird, Inc. has the following Income Statement (in millions):
KINGBIRD, INC.
Income Statement
For the Year Ended December 31, 2023
Net Sales$300
Cost of Goods Sold 204
Gross Profit96
Operating Expenses 52
Net Income$ 44
Question 1: Using vertical analysis, what percentage is assigned to gross profit?
Option 1: 32.0%
Option 2: 68.0%
Option 3: 100%
Option 4: 47.1%
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