A) Compute NOPAT for 2016. Assume the combined statutory tax rate is 37%.

B) Compute NOA for 2016 and 2016.

C) Compute Costcos RNOA, net operating profit margin and net operating asset turnover for 2016. Do not use NOPM x NOAT to calculate RNOA.

D) Compute net non operating obligations for 2016 and 2015.

E) Infer the non operating return component of ROE for 2016.

For Fiscal Years Ended ($ millions) August 28, 2016 August 30, 2015 August 31, 2014 $113,666 2,533 116,199 Net Sales $116,073 2,646 118,719 $110,212 Membership fees 2,428 Total revenue 112,640 Operating expenses Merchandise costs Selling, general and administrative Preopening expenses 102,901 12,068 78 3,672 101,065 11,445 65 3,624 98,458 10,899 Operating Income 3,220 Other income (expense (124) 104 3,604 1,195 2,409 (32) Interest expense (133) (113) Interest income and other, net Income before income taxes Provision for income taxes Net income including noncontrolling interests Net income attributable to noncontrolling interests 3,619 1,243 2.376 (26) $2,350 3,197 1,109 2,088 (30) $2,058 et income attributable to Costco For Fiscal Years Ended ($ millions) August 28, 2016 August 30, 2015 August 31, 2014 $113,666 2,533 116,199 Net Sales $116,073 2,646 118,719 $110,212 Membership fees 2,428 Total revenue 112,640 Operating expenses Merchandise costs Selling, general and administrative Preopening expenses 102,901 12,068 78 3,672 101,065 11,445 65 3,624 98,458 10,899 Operating Income 3,220 Other income (expense (124) 104 3,604 1,195 2,409 (32) Interest expense (133) (113) Interest income and other, net Income before income taxes Provision for income taxes Net income including noncontrolling interests Net income attributable to noncontrolling interests 3,619 1,243 2.376 (26) $2,350 3,197 1,109 2,088 (30) $2,058 et income attributable to Costco