Refer to the consolidated statements of earnings on shown below of the Campbell Soup Company annual report in the appendix.

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 2012 totaled $2.7 billion. Calculate an estimated cost of goods sold and gross profit for the fourmonths.

CAMPBELL SOUP COMPANY Consolidated Statements of Earni 2011 Millions, except per share amounts) 2010 2009 Costs and expenses 612 Administrative expenses... Research and development expenses. Other expenses/income) .. . 605 123 591 ....129 13 61 63 12 Total costs and expenses .. ...,440 6,328 Earnings before interest and taxes... . .. .. .. . . .. . . .. .. :.. 1,279 1,348 112 6.401 1,185 110 Interest expense... 122 laxes on earnings 398 347 Earnings from discontinued operations . . .. .. . . 802 844 736 Less: Net earnings (loss) attributable to noncontrolling interests......... . Net earnings attributable to Campbell Soup Company.. 805 844 736 Per Share Basic Earnings from continuing operations attributable to Campbell Soup Company . ._ . Earnings from discontinued operations attributable to Campbell Soup 2.44 2.44 2.05 Company Net earnings attributable to Campbell Soup Company.. ..2.44 Weighted average shares outstanding Per ShareAssuming Dilution 244 2.06 352 basic 340 Earnings from continuing operations attributable to Campbell Soup 2.42 2.42 2.03 0.01 242 242 $205 Earnings from discontinued operations attributable to Campbell Soup Company... Net earnings attributable to Campbell Soup Company _. Weighted average shares outstanding assuming dilution .. .. 343 354