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Following is the income statement for Lowes Companies Inc. LOWES COMPANIES INC. Consolidated Statement of Earnings Twelve Months Ended (In millions) Feb. 1, 2019 Net
Following is the income statement for Lowes Companies Inc. LOWES COMPANIES INC. Consolidated Statement of Earnings Twelve Months Ended (In millions) Feb. 1, 2019 Net sales $61,326 Cost of sales 41,625 Gross margin 19,701 Expenses Selling, general and administrative 14,975 Depreciation and amortization 1,270 Operating income 3,456 Interest expense, net 537 Pretax earnings 2,919 Income tax provision 929 Net earnings $1,990 Compute its net operating profit after tax (NOPAT) for the 12 months ended February 1, 2019, assuming a 22% total statutory tax rate
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