Determine the operating income as a percent of net sales
CVS Corporation operates drugstores throughout the United States, selling prescription drugs,n general merchandise, cosmetics, greeting cards, food, and beverages. For 2004, CVS reported (in thousands) net sales of $30,594,300, cost of sales of $22,563,100, and operating income of 1,454,700.
a. Determine CVS’s gross profit.
b. Determine the gross profit as a percent of net sales. Round to one decimal place.
c. Determine the operating income as a percent of net sales. Round to one decimal place.
