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Use the following information to answer the problems given below:

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

MOON BEAM, INC.
Income Statement
For the Year Ended December 31, 2008
Net Sales $180
Cost of Goods Sold 120
Gross Profit 60
Operating Expenses 33
Net Income $ 27

1. By using vertical analysis, compute percentage allocated to Cost of Goods Sold?

a. 67%
b. 33%
c. 100%
d. None of the above

2. By using vertical analysis, compute percentage is allocated to Net Income?

a. 100%
b. 85%
c. 15%
d. None of the above

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