Table:
|  |  | Fiscal Year Ended April 27, 2019 |  |
| --- | --- | --- | --- |
| (Dollars in Millions) | As Reported | Adjustments | Balance Under ASC 605 |
| Net Sales | $1,000.3 | $(24.2) | $1,024.5 |
| Cost of Products Sold | $734.5 | $(24.2) | $758.7 |
| Total Inventories | $116.7 | $(0.5) | $117.2 |
| Contract Assets | $0.8 | $0.8 | $— |
| Contract Liabilities | $0.3 | $0.3 | $— |
| Retained Earnings | $545.2 | $0.1 | $545.1 |
Paragraphs:
2. Revenue
The Company is a global manufacturer of component and subsystem devices whose components are found in the primary end-markets of the aerospace, appliance, automotive, commercial vehicle, construction, consumer and industrial equipment, communications (including information processing and storage, networking equipment and wireless and terrestrial voice/data systems), medical, rail and other transportation industries. On April 29, 2018, the Company adopted ASC 606 along with the related amendments using a modified retrospective approach to all contracts open as of that date.
Upon adoption, the Company recognized a $0.1 million increase to opening retained earnings. This adjustment was a result of modifying the METHODE ELECTRONICS, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS F-14 Company's revenue recognition pattern for highly customized goods with no alternative use to over time recognition instead of point in time and for deferring revenue related to material rights that we provide to our customers. The overall impact to the Company's financial statements was immaterial. The Company has modified its controls to address the risks present under ASC 606.
As the Company has adopted ASC 606 using the modified retrospective approach, prior periods have not been restated, and as such they are presented under ASC 605. The impact of the changes in accounting policy on fiscal 2019 is provided below.
Question:
What percentage of net sales was retained earnings as reported?
Answer: 545.2 / 1000.3 = 54.5