Exercise 8-25 (Static) Ratio analysis; Home Depot and Lowe's [LO8-7]

Real World Financials The table below contains selected information from recent financial statements of The Home Depot, Inc., and Lowes Companies, Inc., two companies in the home improvement retail industry ($ in millions):

	Home Depot						Lowe's
	1/28/2018			1/29/2017			2/2/2018			2/3/2017
Net sales	$	100,904		$	94,595		$	68,619		$	65,017
Cost of goods sold		66,548			62,282			45,210			42,553
Year-end inventory		12,748			12,549			11,393			10,458

Required: Calculate the gross profit ratio, the inventory turnover ratio, and the average days in inventory for the two companies for their fiscal years ending in 2018. (Use 365 days a year. Round "Inventory turnover ratio" to 2 decimal places. Enter dollar amounts in millions rounded to the nearest whole number.)