5:00 Net sales $ 34,222 Cost of products sold 14,041 2020 (In millions) 2019 $ 30,299...

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5:00 Net sales $ 34,222 Cost of products sold 14,041 2020 (In millions) 2019 $ 30,299 13,677 2018 $ 26,685 13,018 Gross margin $ 20,181 $ 16,622 $ 13,667 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 $12.31 billion. Calculate an estimated cost of goods sold and gross profit for the four months, using the gross profit ratio for 2020. Complete this question by entering your answers in the tabs below. ces Required A Required B Calculate the gross profit ratio for each of the past three years. Note: Round your answers to 2 decimal places. 2020 2019 2018 % % % 5:00 Net sales $ 34,222 Cost of products sold 14,041 2020 (In millions) 2019 $ 30,299 13,677 2018 $ 26,685 13,018 Gross margin $ 20,181 $ 16,622 $ 13,667 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 $12.31 billion. Calculate an estimated cost of goods sold and gross profit for the four months, using the gross profit ratio for 2020. Complete this question by entering your answers in the tabs below. ces Required A Required B Calculate the gross profit ratio for each of the past three years. Note: Round your answers to 2 decimal places. 2020 2019 2018 % % %