Using the following information from an annual report, prepare a vertical analysis of the consolidated statement of earnings for the fiscal year ended June 30, 20xx. (Round percentage answers to one decimal place.)
(In millions)
Net sales.....................................................................................$11,862
Cost of sales....................................................................................8,321
Gross margin.................................................................................$ 3,541
Selling, general, and administrative expenses...........................................$ 2,743
Depreciation, amortization, and asset write-offs............................................278
Total operating expenses...................................................................$ 3,021
Income from operations......................................................................$ 520
Interest expense................................................................................ (91)
Interest and other income........................................................................11
Earnings before income taxes..............................................................$ 440
Income taxes....................................................................................161
Net earnings...............................................................................$ 279