MBI, Inc., had sales of $35 million for fiscal 2013. The company's gross profit ratio for that year was 26%. Calculate the gross profit and cost of goods sold for MBI, Inc., for fiscal 2013. (Enter your answer in millions to two decimal places, (i.e., 5,500,000 should be entered as 5.50)) Gross profit million Cost of goods sold million Assume that a new product is developed and that it will cost $466 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 2013. (Round your answer to 2 decimal places.) Selling price 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. False True References eBook &Resources Worksheet Learning Objective: 09-02 Describe how cost of goods sold is determined under both perpetual and periodic inventory accounting systems. Difficulty: Hard Learning Objective: 09-03 Discuss the significance of gross profit and describe how the gross profit ratio is calculated and used