Assume 007 Inc. made sales of $891.3 million during 2016. Cost of goods sold for the year totaled $581.2 million. At the end of 2015, 007 Inc. inventories stood at $190.4 million, and the company ended 2016 with inventory of $202 million. Required a. Compute 007s gross profit percentage for 2016. b. Compute the rate of inventory turnover for 2016.