Inventory Management The following financial information is taken from the annual report of Intel Corporation:

(amounts in millions)	Year 2	Year 1
Net revenue	$38,826	$34,209
Cost of goods sold	15,777	14,463
Ending inventories	3,126	2,621

Using the above data, calculate the companys inventory turnover, inventory-on-hand period, and gross profit percentage for Year 1 and Year 2.

Round all answers to nearest one decimal place.

	Year 2		Year 1
Inventory turnover	Answer		Answer
Inventory-on-hand period	Answer		Answer
Gross profit percentage	Answer	%	Answer	%

Is the companys inventory management improving?

AnswerIntel's inventory management effectiveness declined.Intel's inventory management effectiveness improved.

Intel uses FIFO to value its inventory. Would these ratios look better if the company used LIFO instead?

AnswerYes, Intel's inventory management would have looked somewhat better if the company had used LIFO instead of FIFO to value its inventory.No, Intel's inventory management would have looked somewhat worse if the company had used LIFO instead of FIFO to value its inventory.