Use the Target Corporation’s annual report in Appendix B to answer the following questions:
(1) What was Target’s gross margin percentage for the fiscal year ended February 1, 2014 (2013) and 2012?
(2) What was Target’s return on sales percentage for 2013 and 2012?
(3) Target’s return on sales percentage for 2013 was lower than it was in 2012. Ignoring taxes, how much higher would Target’s 2013 net income have been if its return on sales percentage in 2013 had been the same as for 2012?