Analysis and Interpretation of Profitability Balance sheets and income statements for Johnson & Johnson follow. Refer to these financial statements to answer the requirements. Sales to customers $63,747 $61,095 $53,324 Cost products sold 18,511 17,751 15,057 Gross profit 45,236 43,344 38,267 Selling, marketing and administrative expenses 21,490 20,451 17,433 Research expense 7,577 7,680 7,125 Purchase in-process research and development 181 807 559 Restructuring — 745 — Interest (income) (361) (452) (829) Interest expense, net of portion capitalized 435 296 63 Other (income) expense, net (1,015) 534 (671) 28,307 30,061 23,680 Earnings before provision for taxes on income 16,929 13,283 14,587 Provision for taxes on income 3,980 2,707 3,534 Net earnings $ 12,949 $ 10,576 $ 11,503 Assets Cash and cash equivalents $10,768 $7,770 Marketable securities 2,041 1,545 Accounts receivable trade, net 9,719 9,444 Inventories 5,052 5,110 Deferred taxes on income 3,430 2,609 Prepaid expenses and other receivables 3,367 3,467 Total current assets 34,377 29,945 Marketable securities, noncurrent 4 2 Property, Plant and equipment, net 14,365 14,185 Intangible assets, net 13,976 14,640 Goodwill, net 13,719 14,123 Deferred taxes on income 5,841 4,889 Other assets 2,630 3,170 Total assets $ 84,912 $ 80,954 Liabilities and Shareholders’ Equity Loans and notes payable $3,732 $2,463 Accounts payable 7,503 6,909 Accrued liabilities 5,531 6,412 Accrued rebates, returns and promotions 2,237 2,318 Accrued salaries, wages and commissions 1,432 1,512 Accrued taxes on income 417 223 Total current liabilities 20,852 19,837 Long-term debt 8,120 7,074 Deferred taxes on income 1,432 1,493 Employee related obligations 7,791 5,402 Other liabilities 4,206 3,829 Total liabilities 42,401 37,635 Shareholders’ equity Preferred stock-without par value (authorized and unissued 2,000,000 shares) — — Common stock-par value $1.00 per share 3,120 3,120 Accumulated other comprehensive income (4,955) (693) Retained earnings 63,379 55,280 61,544 57,707 Less: common stock held in treasury, at cost 19,033 14,388 Total Shareholders’ equity 42,511 43,319 Total liability and shareholders’ equity $ 84,912 $ 80,954 (a) Compute net operating profit after tax (NOPAT) for 2008. Assume that the combined federal and statutory rate is: 37.1%. Treat other (income) expense, net as non-operating. Round your answer to the nearest whole number. 2008 NOPAT = I’ve tried several answers, 12922, 13937, 12545, all rounded up to whole numbers.