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Waterway, Inc. has the following Income Statement (in millions): Waterway, Inc. Income Statement For the...

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Accounting

Waterway, Inc. has the following Income Statement (in millions): Waterway, Inc. Income Statement For the Year Ended December 31, 2017 Net Sales $360 Cost of Goods Sold 261 Gross Profit 99 Operating Expenses 51 Net Income $48 Using vertical analysis, what percentage is assigned to gross profit?

A. 27.5% B. 100.0% C. 99% D. 72.5%

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