Exercise 9-9 (Algo) Calculate gross profit ratio and cost of goods sold LO 2, 3 Refer to the following mentioned data. Net sales Cost of products sold Gross margin (In millions) 2017 2016 2015 $34,917 $30,362 $26,802 14,517 13,342 13,705 $20,400 $17,020 $13,097 Required: a. Calculate the gross profit ratio for each of the past three years. (Round your answers to 2 decimal places.) X 2017 2016 2015 % % b. Assume that Campbell's net sales for the first four months of 2018 totaled $12.10 billion Calculate an estimated cost of goods sold and gross profit for the four months, using the gross profit ratio for 2017. (Round intermediate calculations to 2 decimal places. Enter your answers in millions rounded to nearest whole number (I.e., 5,000,000 should be entered as 5).) Cost of goods sold Gross profit million million