The consolidated balance sheets of Gap Inc. included merchandise inventory in the amount of $1,620...
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The consolidated balance sheets of Gap Inc. included merchandise inventory in the amount of $1,620 as of January 30, 2016 (the end of fiscal year 2015) and $1,620 as of January 31, 2015 (the end of fiscal year 2014). Net sales were $14,569 and $14,631 at the end of fiscal years 2015 and 2014, respectively. Cost of goods sold and occupancy expenses were $9,263 and $8,761 at the end of fiscal years 2015 and 2014, respectively. All amounts are from Gap Inc.s 2015 Form 10-K Calculate the gross profit ratios for Gap Inc. for 2015 and 2014. If required, round the percentage to one decimal place..
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