Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Assuming that Cost of Sales is the only variable cost, what is Lowe's Gross Margin and Gross Margin Ratio for January 31, 2020 (round GM
Assuming that "Cost of Sales" is the only variable cost, what is Lowe's Gross Margin and Gross Margin Ratio for January 31, 2020 (round GM ratio to 2 decimal places)? Blank 1 should be $. Blank 2 State as a percentage and round 2 decimal places. e.g. .1234 will be 12.34
\begin{tabular}{|c|c|c|c|c|c|c|c|c|c|} \hline \multirow[b]{2}{*}{ Current Earnings } & \multicolumn{3}{|c|}{ January 29, 2021} & \multicolumn{3}{|c|}{ January 31, 2020} & \multicolumn{3}{|c|}{ February 1, 2019} \\ \hline & & nount & % Sales & & Amount & % Sales & & Amount & % Sales \\ \hline Net sales & \$ & 89,597 & 100.00% & \$ & 72,148 & 100.00% & \$ & 71,309 & 100.00% \\ \hline Cost of sales & & 60,025 & 66.99 & & 49,205 & 68.20 & & 48,401 & 67.88 \\ \hline Gross margin & & 29,572 & 33.01 & & 22,943 & 31.80 & & 22,908 & 32.12 \\ \hline Expenses: & & & & & & & & & \\ \hline Selling, general and administrative & & 18,526 & 20.68 & & 15,367 & 21.30 & & 17,413 & 24.41 \\ \hline Depreciation and amortization & & 1,399 & 1.56 & & 1,262 & 1.75 & & 1,477 & 2.07 \\ \hline Operating income & & 9,647 & 10.77 & & 6,314 & 8.75 & & 4,018 & 5.64 \\ \hline \end{tabular}Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started