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1. What is Inventory at the end of the most current fiscal year? 2. What is Inventory at the end of the next to most current fiscal year? (2.5 points) 3. What is Cost of Goods Sold at the end of the most current fiscal year? 4. What is Cost of Goods Sold at the end of the next to most current fiscal year? (2.5 points) 5. What is the Inventory Turnover Ratio at the end of the most current fiscal year? 6. What is the Days in Inventory Ratio at the end of the most current fiscal year? (2.5 points) 7. What is the Inventory Turnover Ratio at the end of the next to most current fiscal year?

CONSOLIDATED STATEMENTS OF INCOME (millions, except per share data) 2017 2016 2015 Net sales Cost of sales Gross margin Selling, general and administrative expenses Gains on sale of real estate Restructuring, impaiment, store closing and other costs Settlement charges Operating income Interest expense 24,837 (15,152) 9,685 (8,131) 544 (186) (105) 25,778 S (15,621) 10,157 (8,474) 209 (479) (98) 1,315 (367) 27,079 (16,496) 10,583 (8,468) 212 (288) 2,039 (363) 1,807 (321) 10 t premiums on early retirement of debt Interest income Income before income taxes Federal, state and local income tax benefit (expense) Net income Net loss attributable to noncontrolling interest Net income attributable to Macy's, Inc. shareholders Basic earnings per share attributable to 1,507 29 1,536 952 1,678 (608) 1,070 611 1,547S 5.07 S 5.04 S 619 S 2.0 S 1.99 S 1,072 Macy's, Inc. shareholders 3.26 Diluted eamings per share attributable to Macy's, Inc. shareholders 3.22 The accompanying notes are an integral part of these Consolidated Financial Statements F-5

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