Chee MBI Inc. had sales of $35 million for fiscal 2019. The company's gross profit ratio for that year was 27% Required: a. Calculate the gross profit and cost of goods sold for MBI for fiscal 2019. (Enter your answers in millons rounded to 2 decimal places. (l.e., 5,500,000 should be entered as 5.50) Gross profit Cost of goods sold 5 9.45 million 25.55 million $ b. Assume that a new product is developed and that it will cost $489 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 rounded to 2 decimal places.) Selling price c. From a management viewpoint, it could use the estimated selling price as a "target in conducting marketing research studies to Prey 1 of 8 Next >