Deere & Company (DE) produces and sells tractors, loaders, combines, lawnmowers, and a variety of other equipment. The following data (in millions) were adapted from recent financial statements of Deere.

1. Compute the gross profit percent for Years 1 and 2. Round to one decimal place.

2. Compute the average markup percent for Years 1 and 2. Round to one decimal place.

3. Compare the results in parts (1) and (2) for Years 1 and 2. Comment on your comparison.

Transcribed Image Text:

Year 2 Year 1 Sales $25,885 $23,387 Cost of goods sold Gross profit (19,934) $ 5,951 (18,249) $ 5,138