E7-15 (Algo) Analyzing and Interpreting the Inventory Turnover Ratio [LO 7-5) Moore & Chavis Company is the biggest snowmobile manufacturer in the world. It reported the following amounts in its financial statements (in millions): Net Sales Revenue Cost of Goods Sold Average Inventory 2017 $ 4,300 3,510 2018 $ 3,760 3,060 380 430 Required: 1-a. Calculate the inventory turnover ratio for 2018 and 2017. 1-6. Calculate the average days to sell inventory for 2018 and 2017 2. Did inventory turnover at Moore & Chavis improve or decline in 2018? 3. Calculate the 2018 gross profit percentage. 4. The main competitor for Moore & Chavis Is Arctic Cat. Prior to being acquired by Textron, Incorporated, Arctic Cat reported its Inventory turnover was 4.0 and its gross profit percentage was 4.6 percent. Why was Arctic Cat more likely than Moore & Chavis require a write-down for LCM/NRV? Complete this question by entering your answers in the tabs below. Reg4 Regia Reg 10 Reg 2 Reg 3 Calculate the inventory turnover ratio for 2018 and 2017. (Round your answers to 1 decimal place.) Times per Year 2018 Inventory Turnover Ratio 2017 Reg 18