Question

Refer to the following mentioned data. (In millions)

Net sales 2017: $ 34,412 2016: $ 30,135 2015: $ 26,795

Cost of products sold 2017: 14,613 2016: 13,145 2015: 13,236

Gross margin 2017: $ 19,799 2016: $ 16,990 2015: $ 13,559

Required: a. Calculate the gross profit ratio for each of the past three years. (Round your answers to 2 decimal places.)

**b.** Assume that Campbell’s net sales for the
first four months of 2018 totaled $12.19 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).)**

Answer #1

a.

2017 | 2016 | 2015 | |

Net Sales | 34,412 | 30,135 | 26,795 |

Cost of products sold | 14,613 | 13,145 | 13,236 |

Gross margin | 19,799 | 16,990 | 13,559 |

Gross profit ratio (Gross Margin/Net sales) | 57.54% | 56.38% | 50.60% |

b.

Net sales = $12.19 billion

= 12.19 x 1,000

= $12,190 million

Gross profit ratio = 57.54%

Gross profit = Net sales x Gross profit ratio

= 12,190 x 57.54%

= 7,014 million

Cost of goods sold = Net sales - Gross profit

= 12,190-7,014

= $5,176 million

**Kindly comment if you need further
assistance.**

**Thanks‼!**

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2017
2016
2015
Net sales
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34,110
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$
26,986
Cost of products sold
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13,938
13,437
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2016
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