34.

Refer to the following mentioned data.

	(In millions)
	2011	2010	2009
Net revenues	$	34,805		$	30,215		$	26,039
Cost of products sold		14,367			13,653			13,019
Gross margin	$	20,438		$	16,562		$	13,020

Required:
a.	Calculate the gross profit ratio for each of the past three years.(Round your answers to 2 decimal places.)
	2011: ______% 2010: ________% 2009: _______%

b.	Assume that Campbells net sales for the first four months of 2012 totaled $12.27 billion. Calculate an estimated cost of goods sold and gross profit for the four months, using the gross profit ratio for 2011.(Enter your answer in millions (i.e., 5,000,000 should be entered as 5). Round your intermediate calculations to two decimal places and your final answers to the nearest dollar amount.)
	Cost of goods sold: $_________ million Gross profit: $_______ million