Best Buy reported the following selected information for its three most recent fiscal years (in U.S. $ millions):

Instructions
(a) Calculate the gross profit margin and profit margin for Best Buy for each of the three years.
(b) Comment on whether the ratios have improved or deteriorated over the past three years.
(c) Recalculate the profit margin for the three years using income from operations instead of net income. Does this result in a different trend than you saw in part (a)? If yes, what might be the reason for this change?

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2016 2015 2014 $39,528 $40,339 $40,611 30,334 31,292 31,212 Income from operations 1,375 1,450 1,144 807 1,246 695 Net sales Cost of goods sold Net income