For Starbucks (SBUX), the following table has information for revenues, Profit Margin (PM), and Asset Turnover (ATO) for the past 4 years:

	Fiscal 2014	Fiscal 2015	Fiscal 2016	Fiscal 2017	Fiscal 2018
Sales (millions)	$ 16,448	$ 19,163	$ 21,316	$ 22,287	$ 24,720
PM from sales	10.55%	11.36%	11.65%	11.05%	10.59%
PM	10.44%	11.45%	12.39%	11.61%	16.55%
ATO	2.78	2.92	2.8	2.89	4.65

Required

a. Using a parsimonious analysis, prepare the assumptions for foreseeable forecast.

b. Evaluate the reasonableness of the forecasted Return on Net Operating Assets (RNOA).

Use the following format to answer the questions:

Year ended	Fiscal 2018	Fiscal 2019	Fiscal 2020	Fiscal 2021	Fiscal 2022	Fiscal 2023	Fiscal 2024	Fiscal 2025
Assumptions
Sales growth
Profit margin
Asset turnover ratio
Growth at horizon
Cost of enterprise capital
52 weeks of sales
Forecasts
Sales	24,720.0
NOPAT
NOA

Answer rating: 100% (QA)

Year ended Fiscal 2018 Fiscal 2019 Fiscal 2020 Fiscal 2021 Fiscal 2022 Fiscal 2023 Fiscal 2024 Fisca... View the full answer