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Net sales Cost of products sold Gross margin (In millions) 2017 2016 2015 $34,170 $30,225...

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Net sales Cost of products sold Gross margin (In millions) 2017 2016 2015 $34,170 $30,225 $26,010 14,872 13,359 13,510 $19,298 $16,866 $12,500 Required: a. Calculate the gross profit ratio for each of the past three years. (Round your answers to 2 decimal places.) 2017 2016 56.48 % 55.80 % 48.06% 2015 b. Assume that Campbell's net sales for the first four months of 2018 totaled $12.98 billion. Calculate an estimated cost of goods sold and gross profit for the four months, using the gross profit ratio for 2017. (Round intermediate calculations to 2 decimal places. Enter your answers in millions rounded to nearest whole number i.e., 5,000,000 should be entered as 5).)

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