E7-15 (Algo) Analyzing and Interpreting the Inventory Turnover Ratio [LO 7-5] Snow Pack Corporation is the biggest snowmobile manufacturer in the world. It reported the following amounts in its financial statements (in millions): Required: 1-0. 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 Snow Pack improve or decline in 2018 ? 3. Calculate the 2018 gross profit percentage 4. The main competitor for Snow Pack is Arctic Cat. Prior to being acquired by Textron, Incorporated, Arctic Cat reported its invents turnover was 4.6 and its gross profit percentage was 5.2 percent. Why was Arctic Cat more likely than Snow Pack to require a Write-down for LCM/NRV? Complete this question by entering your answers in the tabs below. Calculate the inventory turnover ratio for 2018 and 2017. (Round your answern to 1 decimal place.) E7-15 (Algo) Analyzing and Interpreting the Inventory Turnover Ratio [LO 7-5] Snow Pack Corporation is the biggest snowmobile manufacturer in the world it reported the following amounts in its financial statements (in millions): Required: 1-0. Calculate the inventory tumover ratio for 2018 and 2017 1.b. Calculate the average days to sell inventory for 2018 and 2017. 2. Did inventory tumover at Snow Pack improve or decline in 2018 ? 3. Calculate the 2018 gross profit percentage. 4. The main competitor for Snow Pack is Arctic Cat. Prior to being acquired by Textron. Incorporated, Arctic Cat reported its inventory turnover was 4.6 and its gross profit percentage was 5.2 percent. Why was Arctic Cat more likely than Snow Pack to require a write down for LCMNRV? Complete this question by entering your answers in the tabs below. Ratio" and cound vour argesen to i decimal places E7-15 (Algo) Analyzing and Interpreting the Inventory Turnover Ratio [LO 7-5] Snow Pack Corporation 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 Snow Pack imptove or decline in 2018 ? 3. Calculate the 2018 gross profit percentage 4. The main competitor for Snow Pack is Arctic Cat. Prior to being acquired by Textron, Incorporated, Arctic Cat reponted its inventory turnover was 4.6 and its gross profit percentage was 5.2 percent Why was Arctic Cat more likely than Snow Pack to require a wrte-down for LCMNRV? Complete this question by entering vour answers in the tabs below