E7-15 (Algo) Analyzing and Interpreting the Inventory Turnover Ratio [LO 7-5] Lopez Industries is the biggest snowmobile manufacturer in the world. It reported the following amounts in its financial statements (in millions): Required: 1-a. Calculate the inventory turnover ratio for 2018 and 2017. 1-b. Calculate the average days to sell inventory for 2018 and 2017. 2. Did inventory turnover at Lopez improve or decline in 2018 ? 3. Calculate the 2018 gross profit percentage. 4. The main competitor for Lopez is Arctic Cat. Prior to being acquired by Textron, Incorporated, Arctic Cat reported its inventory turnover was 3.2 and its gross profit percentage was 3.8 percent. Why was Arctic Cat more likely than Lopez to require a writedown for LCM/NRV