Compute NOPAT

The income statement for The TJX Companies, Inc., follows.

THE TJX COMPANIES, INC. Consolidated Statements of Income
Fiscal Year Ended ($ thousands)	January 28, 2006
Net sales	$16,057,935
Cost of sales, including buying and occupancy costs	12,295,016
Selling, general and administrative expenses	2,723,960
Provision (credit) for computer intrusion related costs	-
Interest expense (revenue), net	29,632
Income from continuing operations before provision for income taxes	1,009,327
Provision for income taxes	318,904
Income from continuing operations	690,423
Gain from discontinued operations, net of income taxes	-
Net income	$ 690,423

Assume that the combined federal and state statutory tax rate is 38.9%.

a. Compute NOPAT using the formula: NOPAT = Net income + NNE.

Round to the nearest whole number.

b. Compute NOPAT using the formula: NOPAT = NOPBT Tax on operating profit.

Round to the nearest whole number.