Income Statement Information for Sadie Company Is Below $$\begin{array} { l l } \text { Sales } & \$ 175,000 \\\text { Cost of goods sold } & \$ 15,000 \\\text { Gross profit } & \$ 60,000\end{array}$$

Income statement information for Sadie Company is below: $$\begin{array} { l l } \text { Sales } & \$ 175,000 \\\text { Cost of goods sold } & \$ 15,000 \\\text { Gross profit } & \$ 60,000\end{array}$$
Using vertical analysis of the income statement for Sadie Company, determine the gross profit margin.

A) 100%
B) 66%
C) 34%
D) 29%

Correct Answer:

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