Target Corp. (TGT) operates retail stores throughout the United States and is a major competitor of Walmart

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Target Corp. (TGT) operates retail stores throughout the United States and is a major competitor of Walmart (WMT). The following data (in millions) were adapted from recent financial statements of Target.

Year 2 Year 1 Sales $69,495 (49,145) $71,879 Cost of goods sold Gross profit (51,125) $20,754 $20,350

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.

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Survey Of Accounting

ISBN: 9780357132593

9th Edition

Authors: Carl S. Warren, Amanda Farmer

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Question Posted: Sep 25, 2020 06:22 AM

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Target Corp. (TGT) operates retail stores throughout the United States and is a major competitor of Walmart

Question:

Year 2 Year 1 Sales $69,495 (49,145) $71,879 Cost of goods sold Gross profit (51,125) $20,754 $20,350

Step by Step Answer:

1 2 3 The gross profit percent declined slightly from 293 in Year 1 to ...View the full answer

Survey Of Accounting

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