Saira inc has the income statement in millions using

Question

Saira, Inc. has the following income statement (in millions):

                                  SAIRA, INC.

                              Income Statement

             For the Year Ended December 31, 2014

Net Sales                                                                  $300

Cost of Goods Sold                                                    180

Gross Profit                                                                 120

Operating Expenses                                                     45

Net Income                                                                  $75

Using vertical analysis, what percentage is assigned to Cost of Goods Sold?