the data table in exhibit COGS/SALES ratio of 45%, the firm will need to borrow. this should trigger questions in your mind about what might cause that to happen, such as a price war or a surge in materials costs. your spreadsheet formal can tell you about some more sophisticated data-table formats. no financial analyst can afford to ignore that valuable tool. armed with that tool. it is easy to go back and try the variations in other input assumptions listed previously.