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Ramos Company Ramos Company included the following information in its annual report:
| | 2016 | 2015 | 2014 |
| Sales | $178,400 | $162,500 | $155,500 |
| Cost of goods sold | 115,000 | 102,500 | 100,000 |
| Operating expenses | 50,000 | 50,000 | 45,000 |
| Net income | 13,400 | 10,000 | 10,500 |
| | | | |
Refer to the information for Ramos Company. In a common size income statement for 2014, the cost of goods sold is expressed as:
| | A. | 64.3% |
| | B. | 40.0% |
| | C. | 87 % |
| | D. | 103% |
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