a. Calculate the gross profit and cost of goods sold for MBI for fiscal 2019 (Enter your answers in millions rounded to 1 decimal place. (.e., 5,400,000 should be entered as 5.4)). Gross profit Cost of goods sold million million b. Assume that a new product is developed and that it will cost $1,625 to manufacture. Calculate the selling price that must be set for this new product if its gross profit ratio is to be the same as the average achieved for all products for fiscal 2019. (Do not round Intermediate calculations. Enter your answer in dollars.) Seling once c. From a management viewpoint, it could use the estimated selling price as a target in conducting marketing research studies to assess its ultimate prospects for success at this price False True 1: Navi Exercise 9-10 (Static) Calculate gross profit, cost of goods sold, and selling price LO 2, 3 MBI Inc. had sales of $900 million for fiscal 2019. The company's gross profit ratio for that year was 375%. Required: a. Calculate the gross profit and cost of goods sold for MBI for fiscal 2019. (Enter your answers in millions rounded to 1 decimal place. (i.e., 5,400,000 should be entered as 5.4)). Gross profit Cost of goods sold million million b. Assume that a new product is developed and that it will cost $1,625 to manufacture Calculate the selling price that must be set for this new product if its gross profit ratio is to be the same as the average achieved for all products for fiscal 2019. (Do not round Intermediate calculations. Enter your answer in dollars.) Selling prion