Shelcal Inc provides the following data for the year 2015.
Sales Revenue $400,000
Sales Returns and Allowances 1,200
Sales Discounts 800
Net Sales Revenue $398,000
Cost of Goods Sold $255,000
On vertical analysis report, the cost of goods sold as a percentage of net sales revenue will amount to ________
a. 63.48%
b. 64.07%
c. 61.15%
d. 59.42%
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