Exercise 8-25 Ratio analysis; Home Depot and Lowe's Real World Financials The table below contains...
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Exercise 8-25 Ratio analysis; Home Depot and Lowe's Real World Financials The table below contains selected information from recent financial statements of The Home Depot, Inc., and Lowe's Companies, Inc., two companies in the home improvement retail industry ($ in millions): Home Depot 1/28/2018 1/29/2017 Net sales $100,904 $ 94,595 Cost of goods sold 66,548 62,282 Year-end inventory 12,748 12,549 Lowe's 2/2/2018 2/3/2017 $68,619 $65,017 45,210 42,553 11,393 10,458 Required: Calculate the gross profit ratio, the inventory turnover ratio, and the average days in inventory for the two companies for their fiscal years ending in 2018
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