DARIUS, INC.

Income Statement $($$$000)$

For the Year Ended December $31,2019$

Net Sales $....................................$$ $1,000$

Cost of Goods Sold $........................\mathrm{.}400$

Gross Profit $..................................\mathrm{.}600$

Operating Expenses $......................\mathrm{.}500$

Net Income $..................................$$ $100$

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

$10\%$

$60\%$

$40\%$

None of the above