Projecting NOPAT and NOA Using Parsimonious Forecasting Method

Following are Targets sales, net operating profit after tax (NOPAT), and net operating assets (NOA) for its year ended February 2, 2019 ($ millions).

Note: Complete the entire question using the following Excel template: Excel Template. Then enter the answers into the provided spaces below with two decimal places.

Financial information
Sales	$76,414
Net operating profit after tax (NOPAT)	4,322
Net operating assets (NOA)	22,074

Use the parsimonious method to forecast Targets sales, NOPAT, and NOA for years ended February 2020 through 2023 using the following assumptions.

Note: Complete the entire question in Excel (template provided above). Using Excel, format each answer to two decimal places. Use Increase Decimal or Decrease Decimal to adjust decimal places. Do not round answers. Then enter the answers into the provided spaces below with _two decimal places_. Note: When completing the question in Excel, refer directly to the cells containing these assumptions, i.e., don't type the NOPM number when making a calculation, refer to the cell. Note: Use negative signs with answers, when appropriate.

Assumptions
Sales growth per year	3.60%
Net operating profit margin (NOPM)	5.66%
Net operating asset turnover (NOAT), based on NOA at February 2, 2019	3.46

	$ millions	2019 Actual	2020 Est.	2021 Est.	2022 Est.	2023 Est.
	Sales	76,414.00	Answer	Answer	Answer	Answer
	NOPAT	4,322.00	Answer	Answer	Answer	Answer
	NOA	22,074.00	Answer	Answer	Answer	Answer