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personnel 2) GROSS MARGIN AND CONTRIBUTION MARGIN General Mills produces and sells food products such as cereals (cherries and wheaties) and baking products (Gold Medal flour and Betty Cracker cafe mixes). A condensed 2009 income statement follows (in million) Sales Php 8, 517 Cost of goods sold 4. 158 Gross margin 4.059 Other operating exp. 3.306 Operating Income Php 753 Assume that $960 million of the cost of goods sold is a fixed cost representing depreciation and other production costs that do not change with the volume of production. In addition, $ 2, 120 million of the other operating expenses is fixed. Required: 1) Compute the total contribution margin for 2009 and the contribution margin percentage. Explain why the contribution margin differs from the gross margin. 2) Suppose that sales for General Mills were predicted to increase by 10% in 2010 and that cost behavior was expected to continue in 2010 as it did in 2009, Compute the predicted operating income for 2010. By what percentage did this predicted 2010 operating Income exceed 2009 operating income? 3) What assumptions were necessary to compute the predicted 2010 operating income in requirement 2