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Compute, Disaggregate, and Interpret RNOA of Competitors Selected balance sheet and income statement information for the clothing retailers, Abercrombie & Fitch and The GAP, Inc., follows. 2015 Net 2014 Net 2015 2015 Operating Operating Company ($ millions) Ticker Sales NOPAT Assets Assets Abercrombie & Fitch ANF $3,519 $50 $1,041 $1,213 The GAP GPS $15,797 $953 $3,989 $3,962 (a) Compute the 2015 return on net operating assets (RNOA) for each company. Do not round until your final answer. Round your answers to two decimal places. Do not use RNOA=NOPM X NOAT to calculate. Company ($ millions) Abercrombie & Fitch The GAP RNOA 4.43 % x 23.97% (b) Disaggregate RNOA into net operating profit margin (NOPM) and net operating asset turnover (NOAT) for each company. Do not round until your final answer. Round your answers to two decimal places. Company Abercrombie & Fitch The GAP NOPM 1.42% 6.03 % NOAT 3.12 3.97 (C) Which of the following statements about business models bests explains differences between the RNOA for ANF and GPS? GPS reports a higher RNOA because it is a much larger company. GPS reports a lower RNOA because its asset turnover rate is substantially lower than ANF's. GPS reports a higher RNOA because both its net operating profit margin and net operating asset turnover are higher than ANF'S. V ANF reports a higher RNOA because its NOA is about one-fourth that for GPS