E9-3 Selected data from the quarterly income statements for 2000 for Intel Corp. appear as follows. (In millions) For the Quarter Ended December 30, September 30, 2000 2000 July 1, 2000 April 1, 2000 Net revenues Cost of sales Net income Earnings per share $8,702 $3,230 $2,193 0.33 $8,731 $3,148 $2,509 0.36 $8,300 $3,283 $3,137 0.45 $7,993 $2,989 $2,696 0.39 On March 9, 2001, Intel announced that it expected sales for the first quarter of 2001 to fall about 25% from the $8.7 billion reported for the fourth quarter of 2000. The com pany also expected gross profits to fall to 51% of sales and expenses to fall 15% from the fourth quarter. Required: a. Compute Intel's expected income before taxes for the first quarter of 2001 if these predictions are accurate, b. Compute Intel's gross profit percentage of sales for each quarter of 2000