ExercisGalculate gross profit, cost of goods sold, and selling price MBI Inc. had sales of $$900$ million for fiscal

$9\mathrm{.}122022.$ The company's gross profit ratio for that year was $37\mathrm{.}5\%.$

LO $9-2,$

$9-3$ Required:

a$.$ Calculate the gross profit and cost of goods sold for MBI for fiscal $2022.$

b$.$ Assume that a new product is developed and that it will cost $$1,625$ 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 $2022.$

c$.$ From a management viewpoint, what would you do with this information?