The following information is taken from the 2020 annual report for Best Buy (amounts are in millions and Best Buy's 2020 Fiscal Year ended on February 1, 2020): Interest expense Inventory (Feb 1, 2019) Cain on Sale of Investments $ 64 5,409 1 Selling, General, and Admini Expenses Income tax expense Gross Profit Ratio 7,998 452 Net revenues i Investment income Cost of goods sold Restructuring Expenses Inventory (Feb 1, 2020) $43,638 47 33,590 41 5,174 Calculate the gross profit ratio for Best Buy for the year ended February 1, 2020.
The following information is taken from the 2020 annual report for Best Buy (amounts are in millions and Best Buy's 2020 Fiscal Year ended on February 1, 2020): Interest expense Inventory (Feb 1, 2019) Cain on Sale of Investments $ 64 5,409 1 Selling, General, and Admini Expenses Income tax expense Gross Profit Ratio 7,998 452 Net revenues i Investment income Cost of goods sold Restructuring Expenses Inventory (Feb 1, 2020) $43,638 47 33,590 41 5,174 Calculate the gross profit ratio for Best Buy for the year ended February 1, 2020.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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subject; accounting
![The following information is taken from the 2020 annual report for Best Buy (amounts are in millions and Best Buy's 2020
Fiscal Year ended on February 1, 2020):
Interest expense
Inventory (Feb 1, 2019)
Gain on Sale of Investments
Selling, General, and Admin
Expenses
Income tax expense
$ 64
5,409
1
Gross Profit Ratio
7,998
452
Net revenues
Investment income
Cost of goods sold
Restructuring Expenses
Inventory (Feb 1, 2020)
$43,638
47
33,590
41
5,174
2. Calculate the gross profit ratio for Best Buy for the year ended February 1, 2020.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc7fe5a73-45e4-4166-8ba1-50e355550dfc%2F2de4159c-f0c6-41e4-a50a-05ebb3c63d29%2Fe5afzg_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The following information is taken from the 2020 annual report for Best Buy (amounts are in millions and Best Buy's 2020
Fiscal Year ended on February 1, 2020):
Interest expense
Inventory (Feb 1, 2019)
Gain on Sale of Investments
Selling, General, and Admin
Expenses
Income tax expense
$ 64
5,409
1
Gross Profit Ratio
7,998
452
Net revenues
Investment income
Cost of goods sold
Restructuring Expenses
Inventory (Feb 1, 2020)
$43,638
47
33,590
41
5,174
2. Calculate the gross profit ratio for Best Buy for the year ended February 1, 2020.
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