What were gross profit rate (aka gross profit margin for 2023 and 2022? Based on this metric only, did Nike Inc. profitability improved or not. In millions Net sales Cost of sales Gross profit Demand creation expense Nike Inc. Income Statement For year ended May 31 Operating overhead expense Total selling and administrative expense Interest expense (income), net Other (income) expense, net Income before income taxes Income tax expense NET INCOME Gross profit rate improved from 44% to 46% Gross profit rate dropped from 46% to 44% Gross profit rate improved from 10% to 13% Gross profit rate improved by $813 2023 2022 $ 51,217 $ 46,710 28,925 25,231 22,292 21,479 4,060 3,850 12,317 10,954 16,377 (6) (280) 6,201 1,131 $ 5,070 14,804 205 (181) 6,651 605 $6,046 2021 $ 44,538 24,576 19,962 3,114 9,911 13,025 262 14 6,661 934 $5,727

What were gross profit rate (aka gross profit margin for 2023 and 2022? Based on this metric only, did Nike Inc. profitability improved or not. In millions Net sales Cost of sales Gross profit Demand creation expense Nike Inc. Income Statement For year ended May 31 Operating overhead expense Total selling and administrative expense Interest expense (income), net Other (income) expense, net Income before income taxes Income tax expense NET INCOME Gross profit rate improved from 44% to 46% Gross profit rate dropped from 46% to 44% Gross profit rate improved from 10% to 13% Gross profit rate improved by $813 2023 2022 $ 51,217 $ 46,710 28,925 25,231 22,292 21,479 4,060 3,850 12,317 10,954 16,377 (6) (280) 6,201 1,131 $ 5,070 14,804 205 (181) 6,651 605 $6,046 2021 $ 44,538 24,576 19,962 3,114 9,911 13,025 262 14 6,661 934 $5,727

Name: What were gross profit rate (aka gross profit margin for 2023 and 202
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Description: What were gross profit rate (aka gross profit margin for 2023 and 2022? Based on this metric only,did Nike Inc. profitability improved or not.Nike Inc.Income StatementFor year ended May 31In millionsNet salesCost of salesGross profitDemand creation

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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