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What percentage is assigned to gross profit

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Question - Salamagundi, Inc. has the following Income Statement (in millions):

Salamagundi, Inc. Income Statement For the Year Ended December 31, 2021

Net Sales $160

Cost of Goods Sold 100

Gross Profit 60

Operating Expenses 40

Net Income $ 20

Required - Using vertical analysis, what percentage is assigned to gross profit?

Reference no: EM133071167

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