QUESTION 1 The net amount that The Gap earned from selling inventory during the most recent reporting period was $16,670 (in millions). O True 2 points False QUESTION 2 The Gap's cost of inventory sold (and occupancy expenses) during the most recent reporting period was (in millions)? O a. $16,670 O b. $10,033 c. $3,018 O d. $13,051 QUESTION 3 The Gap's cost of inventory sold decreased over the last two reporting periods. True False QUESTION 4 For the last two reporting periods calculate The Gap's: 1. Gross profit percentage. Gross profit percentage = Gross profit / Net sales 2. Net income percentage. Net income percentage = Net income / Net sales (round to one decimal place.) Then select the correct answer below. O a. Net sales that became gross profit and net sales that became net income both decreased from FYE 2020 to FYE 2021. b. Less net sales became gross profit in FYE 2021 than in FYE 2020 and more net sales became net income in FYE 2021 than in FYE 2020. O c. More net sales became gross profit in FYE 2021 than in FYE 2020 and less net sales became net income in FYE 2021 than in FYE 2020. O d. Net sales that became gross profit and net sales that became net income both increased from FYE 2020 to FYE 2021. Save Answer 2 points Save Answer 2 points Save Answer 2 points Save Answer