Refer to the following mentioned data. Net sales Cost of products sold Gross margin 2020 $ 34,748 14,761 $ 19,987 (In millions) 2019 $ 30,808 13,101 $ 17,707 2018 $ 26,918 13,703 $ 13,215 Required: a. Calculate the gross profit ratio for each of the past three years. b. Assume that Campbell's net sales for the first four months of 2021 totaled $12.04 billion. Calculate an estimated cost of goods sold and gross profit for the four months, using the gross profit ratio for 2020.

Refer to the following mentioned data. Required: a. Calculate the gross profit ratio for each of the past three years. b. Assume that Compbell's net sales for the first four months of 2021 totaled $12.04 billion. Calculate an estimated cost of goods sold and gross profit for the four months, using the gross profit ratio for 2020