Response to the following problem:
Office Depot operates a chain of office supply stores throughout the United States. For 2004, Office Depot reported (in thousands) net sales of $13,564,699, gross profit of $4,256,139, and operating income of $529,977.
a. Determine the cost of goods sold.
b. Determine the cost of goods sold as a percent of net sales. Round to one decimal place.
c. Determine the gross profit as a percent of net sales. Round to one decimal place.
d. Determine the operating income as a percent of net sales. Round to one decimal place.
e. What is the difference between the gross profit as a percent of net sales and the operating income as a percent of net sales? Explain.