Calculate the gross profit ratio and the inventory turnover ratio for the fiscal year ended February 3, 2018 (FY 2017). Compare Targets ratios with the industry averages of 24.5% and 7.1 times. Determine whether Targets ratios indicate the company is more/less profitable and sells its inventory more/less frequently compared to the industry average.

I just wanted to check if I was on the correct path or not:

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Gross Profit Ratio =( Net Sales COGS) / Net Sales Inventory Turnover Ratio = COGS / Average Inventory Gross Profit Ratio =(71,87951,125)/71,879 Gross Profit Ratio =20,754/71,879 Gross Profit Ratio =0.2887=28.9% Inventory Turnover Ratio =51,125/8,657 Inventory Turnover Ratio =5.91=5.9 (values found on pages 35 \& 37) Weighted average common shares outstanding