Reference no: EM133128772
Question - Gap Inc.'s Sales, Cost of Goods Sold, and Gross Profit - The consolidated balance sheets of Gap Inc. included merchandise inventory in the amount of $1,629 as of January 30, 2016 (the end of fiscal year 2015) and $1,623 as of January 31, 2015 (the end of fiscal year 2014). Net sales were $14,520 and $14,675 at the end of fiscal years 2015 and 2014, respectively. Cost of goods sold and occupancy expenses were $9,292 and $8,776 at the end of fiscal years 2015 and 2014, respectively. All amounts are from Gap Inc.'s 2015 Form 10-K.
Reconstruct the Cost of Goods Sold section of Gap Inc.'s 2015 income statement. Enter amounts in millions of dollars. For example, 12,400,000,000 would be entered as 12,400.
Calculate the gross profit ratios for Gap Inc. for 2014. If required, round the percentage to one decimal place.
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