Consider the following financial data for Nike, Inc. and Adidas AG for the fiscal year 2023:

($ millions)	Nike, Inc.	Adidas AG
Net sales	$48,000	$26,000
Cost of sales	27,000	14,000
Gross profit	21,000	12,000
Operating expenses:
Selling, general, and administrative	8,000	5,000
Research and development	3,500	2,000
Operating income	9,500	5,000
Interest and other (income) expense	1,200	700
Interest and investment income	(500)	(300)
Earnings before provision for income taxes	8,800	4,600
Provision for income taxes	2,400	1,200
Net earnings	$6,400	$3,400

Required: a. Compute the return on equity (ROE), return on assets (ROA), and return on financial leverage (ROFL) for Nike, Inc. and Adidas AG. Assume a tax rate of 27%. b. Break down the ROA into profit margin (PM) and asset turnover (AT) for both companies. Identify the key drivers of ROA. c. Assess the operating cash flow for Nike, Inc. and Adidas AG over the last three years. What does it indicate about their ability to invest in innovation? d. Evaluate the inventory turnover ratio for Nike, Inc. and Adidas AG. What does it reveal about their inventory management efficiency? e. Compare the research and development (R&D) expenses as a percentage of sales for Nike, Inc. and Adidas AG. What insights can be drawn about their investment in innovation?