Mini-Exercise 9-1 (Algo) Gross profit calculations LO 3 Net sales for the year were $1,300,000 and cost of goods sold was $975,000 for the company's existing products. A new product is presently under development and has an expected selling price of not more than $73 per unit in order to remain competitive with similar products In the marketplace. Required: a. Calculate gross profit and the gross profit ratio for the year. % %6 %6 b. What is the maximum cost per unit that can be incurred to manufacture the new product so that the product can be priced competitively and will not result in a reduction to the company's gross profit ratlo? (Do not round Intermediate calculations. Round your final answer to 2 decimal places.) Maximum manufacturing cost per unit