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Net sales Cost of products sold Gross margin 2020 $ 8,691 5,692 $ 2,999 (In millions) 2019 $ 8,107 5,414 $ 2,693 Required: a. Calculate the gross profit ratio for each of the past three years. b. Assume that Campbell's net sales for the first four months of 2021 totaled $3.2 billion. Calculate an estimated cost of goods sold and gross profit for the four months, using the gross profit ratio for 2020, 2020 2019 2018 2018. $ 6,615 4,241 $ 2,374 Complete this question by entering your answers in the tabs below. % Required A Required B Calculate the gross profit ratio for each of the past three years. Note: Round your answers to 1 decimal place.

Net sales Cost of products sold Gross margin 2020 $ 8,691 5,692 $ 2,999 (In millions) 2019 $ 8,107 5,414 $ 2,693 Required: a. Calculate the gross profit ratio for each of the past three years. b. Assume that Campbell's net sales for the first four months of 2021 totaled $3.2 billion. Calculate an estimated cost of goods sold and gross profit for the four months, using the gross profit ratio for 2020, 2020 2019 2018 2018. $ 6,615 4,241 $ 2,374 Complete this question by entering your answers in the tabs below. % Required A Required B Calculate the gross profit ratio for each of the past three years. Note: Round your answers to 1 decimal place.

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter5: Inventories And Cost Of Goods Sold
Section: Chapter Questions
Problem 5.9E: Working Backward: Gross Profit Ratio Acmes gross profit ratio increased by 20% over the prior year....
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Net sales Cost of products sold Gross margin 2020 $8,691 5,692 $ 2,999 (In millions) 2019 $ 8,107 5,414 $ 2,693 Required: a. Calculate the gross profit ratio for each of the past three years. b. Assume that Campbell's net sales for the first four months of 2021 totaled $3.2 billion. Calculate an estimated cost of goods sold and gross profit for the four months, using the gross profit ratio for 2020, 2020 2019 2018 2018. $ 6,615 4,241 $ 2,374 Complete this question by entering your answers in the tabs below. % Required A Required B Calculate the gross profit ratio for each of the past three years. Note: Round your answers to 1 decimal place.
Transcribed Image Text:Net sales Cost of products sold Gross margin 2020 $8,691 5,692 $ 2,999 (In millions) 2019 $ 8,107 5,414 $ 2,693 Required: a. Calculate the gross profit ratio for each of the past three years. b. Assume that Campbell's net sales for the first four months of 2021 totaled $3.2 billion. Calculate an estimated cost of goods sold and gross profit for the four months, using the gross profit ratio for 2020, 2020 2019 2018 2018. $ 6,615 4,241 $ 2,374 Complete this question by entering your answers in the tabs below. % Required A Required B Calculate the gross profit ratio for each of the past three years. Note: Round your answers to 1 decimal place.
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