Refer to the following mentioned data. (In millions) 2017 2016 2015 Net sales $34,736 $30,142 $26,512 Cost of products sold 14,970 13,615 13,307 Gross margin $19,766 $16,527 $13,205 Required: a. Calculate the gross profit ratio for each of the past three years. (Round your answers to 2 decimal places.) 2017 2016 % 2015 % b. Assume that Campbell's net sales for the first four months of 2018 totaled $12.15 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).) Cost of goods sold million Gross profit million

Refer to the following mentioned data. (In millions) 2017 2016 2015 Net sales $34,736 $30,142 $26,512 Cost of products sold 14,970 13,615 13,307 Gross margin $19,766 $16,527 $13,205 Required: a. Calculate the gross profit ratio for each of the past three years. (Round your answers to 2 decimal places.) 2017 2016 % 2015 % b. Assume that Campbell's net sales for the first four months of 2018 totaled $12.15 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).) Cost of goods sold million Gross profit million

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter5: Sales And Receivables

Section: Chapter Questions

Problem 96.4C

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The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000
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