MBI Incorporated had sales of $$35$ million for fiscal $2022.$ 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 $2022.$

b$.$ Assume that a new product is developed and that it will cost $$469$ to manufacture. Calculate the selling price that must be set 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, 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.

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Complete this question by entering your answers in the tabs below.

Required $C$

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

Note: Enter your answers in millions rounded to $2$ decimal places. $($I$.$e$.,5,500,000$ should be entered as $5\mathrm{.}50).$

$\backslash$table$[[$Gross profit,$$,9\mathrm{.}10Q,$million$],[$Cost of goods sold,$$,633\mathrm{.}78ox,$million$]]$