Refer to the following mentioned data.

(In Millions)

2017 2016 2015

Net sales $34,306 $30,980 $26,296

Cost of products sold 14,817 13,412 13,581

Gross margin $19,489 $17,568 $12,715

Required:

a.Calculate the gross profit ratio for each of the past three years.(Round your answers to 2 decimal places.)

2017_________%

2016_________%

2015_________%

b.Assume that Campbell's net sales for the first four months of 2018 totaled $12.41 billion. Calculate an estimated cost of goods sold and gross profit for the four months, using the gross profit ratio for 2017.(Round intermediate calculations to 2 decimal places. Enter your answers in millions rounded to nearest whole number (i.e., 5,000,000 should be entered as 5).)

cost of goods sold _________ millions

gross proft __________millions