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Metlock, Inc. has the following Income Statement (in millions): METLOCK, INC....

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Accounting

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

METLOCK, INC. Income Statement For the Year Ended December 31, 2023
Net Sales $140
Cost of Goods Sold 84
Gross Profit 56
Operating Expenses 45
Net Income $ 11

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

66.7%

40.0%

100%

60.0%

Answer & Explanation Solved by verified expert
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