**Calculate gross profit, cost of goods sold, and selling price:** MBI, Inc., had sales of $250 million for fiscal 2013. The company's gross profit ratio for that year was 37.2%. **Required:**a. Calculate the gross profit and cost of goods sold for MBI, Inc., for fiscal 2013.b. Assume that a new product is developed and that it will cost $2,669 to manufacture. Calculate the selling price that must be set for this new product if its gross profit ratio is to be the same as the average achieved for all products for fiscal 2013.From a management viewpoint, what would you do with this information?

Gross profit = Sales x Gross profit ratio Cost of goods sold = Sales - Gross profit

Answered: Calculate gross profit, cost of goods…

Calculate gross profit, cost of goods sold, and selling price MBI, Inc., hai sales of $250 million for fiscal 2013. The company's gross profit ratio for that yea was 37.2%,

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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