Do fast answer of this accounting questions Net sales for the year were $2,400,000 and cost of goods sold was $1,680,000for the company's current product line. The company is developing a newproduct variant which will need to be priced at $95 per unit to be competitivein the market.a. Calculate gross profit and the gross profit ratio for the year.

Step 1: Definition of Gross Profit and Gross Profit RatioGross Profit: It is the difference between…

Answered: Net sales for the year were $2,400,000…

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter10: Cost Analysis For Management Decision Making

Section: Chapter Questions

Problem 18E

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Net sales for the year were
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Calculate gross profit and the gross profit ratio for the year?? Accounting
MBI Incorporated had sales of $35 million for fiscal 2022. The company's gross profit ratio for that year was 26%. Required: a. Calculate the gross profit and cost of goods sold for MBI for fiscal 2022. b. Assume that a new product is developed and that it will cost $469 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 2022. c. From a management viewpoint, it could use the estimated selling price as a "target" in conducting marketing research studies to assess its ultimate prospects for success at this price. Complete this question by entering your answers in the tabs below. Required A Required B Required C From a management viewpoint, it could use the estimated selling price as a "target" in conducting marketing research studies to assess its ultimate prospects for success at this price.
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