Mini-Exercise 9-2 (Algo) Gross profit calculations LO 9-3 Net sales for the year were $600,000 and cost of goods sold was $366,000 for the company's existing products. A new product is presently under development and has an expected selling price of not more than $59 per unit in order to remain competitive with similat products in the marketplace Required: a. Calculate gross profit and the gross profit ratio for the yeat 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 argd will not tesult in a reduction to the company's gross profit ratio? Complete this question by entering your answers in the tabs below. Calculate gross profit and the grose profit ratio for the year. Mini-Exercise 9.2 (Algo) Gross profit calculations LO 9.3 Net sales for the year were $600,000 and cost of goods sold was $366,000 for the company's existing products. A new product is presently under development and has an expected selling price of not more than $59 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 b. What is the maximum cost per unit that can be incurred to manufacture the new product so that the product can be priced competively and will not result in a reduction to the company's gross profit ratio? Complete this question by entering your answers in the tabs below. 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 ratio? Note: Do not round iotermediate calculations. Round your final answer to 2 decimal places