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Refer to the following mentioned data. 2017 Net sales $34,933 (In millions) 2016 $30,855 $26,317 2015 Cost of products sold Gross margin 14,332 $20,601

Refer to the following mentioned data. 2017 Net sales $34,933 (In millions) 2016 $30,855 $26,317 2015 Cost of products sold Gross margin 14,332 $20,601 13,990 13,022 $16,865 $13,295 Required: a. Calculate the gross profit ratio for each of the past three years. (Round your answers to 2 decimal places.) 2017 2016 % % 2015 %

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