Financial Analysis Purpose: To help familiarize you with the financial reporting of a real company in order to further your understanding of the chapter material you are learning. This case continues our examination of the financial statements of Columbia Sportswear. In addition to the income statement (statement of operations) and the balance sheet of Columbia Sportswear in Appendix A, you will also be investigating the notes to the financial statements. Requirements 1. Which footnote discusses the inventory costing method used by Columbia Sportswear? 2. What inventory method does Columbia Sportswear use to value its inventory? 3. Calculate the rate of inventory turnover for Columbia Sportswear for 2016 and 2015 (the 2014 ending balance in inventory was $384,650,000). Has the rate of inventory turnover improved or deteriorated?