E13-10 Inferring Financial Information from Profitability and Liquidity Ratios [LO 13-4, LO 13-5] Dollar General Corporation operates general merchandise stores that feature quality merchandise at low prices to meet the needs of middle-, low-, and fixed income families in southem, eastern, and midwestern states. For the year ended January 31, 2014, the company reported average inventories of $2,475 (in millions) and an inventory turnover of 4.89. Average total fixed assets were $2,080 (milion) and the foxed asset turnover ratio was 8.14 Required: 1-a. Calculate Dollar General's net sales and cost of goods sold? (Enter your answers in whole dollars.) Net Sales Cost of Goods Solo 1-b. What does this imply about the amount of gross profit made from each dollar of sales? (Do not round intermodiate calculations. Round your answer to 1 decimal place.) 2. Is this an improvement from the gross profit percentage of 31.7 percent earned during the previous year? Yes No Hints References eBook & Resources