M3-25. Identify and Compute NOPAT Following is the income statement for Lowe's Companies Inc. Compute its 2016 net operating profit after tax (NOPAT) assuming a 37% total statutory tax rate. LO5 ES LOWE'S COMPANIES INC. CONSOLIDATED STATEMENTS OF EARNINGS Jan. 31, 2014 Jan. 30, 2015 Jan. 29, 2016 Twelve Months Ended (In millions) $56,223 36,665 $53,417 34,941 $59,074 38,504 Net sales.. Cost of sales. 19,558 18,476 20,570 Gross margin Expenses: Selling, general and administrative Depreciation. Interest-net. 13,281 ,485 12,865 ono1,462 14,115 1,484 552 516 476 16,151 15,282 Total expenses 14,803 Pre-tax earnings Income tax provision 4,419 1,873 4,276 1,578 3,673 1,387 Net earnings.. $ 2,546 $ 2,698 $ 2,286