Exercise 9-10 (Algo) Calculate gross profit, cost of goods sold, and selling price LO 2, 3 MBI Inc. had sales of $40 million for fiscal 2019. The company's gross profit ratio for that year was 26%. Required: a. Calculate the gross profit and cost of goods sold for MBI for fiscal 2019. (Enter your answers in millions rounded to 2 decimal places. (l.e., 5,500,000 should be entered as 5.50)) Answer is complete but not entirely correct. Gross profit Cost of goods sold $ 8.00 million $ 32.00 million b. Assume that a new product is developed and that it will cost $474 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.) Answer is complete but not entirely correct. Selling price $ 595.25 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. True False