Lopez Industries is the biggest snowmobile manufacturer in the world. It reported the following amounts in its financial statements (in millions): 2017 Net Sales Revenue Cost of Goods Sold Average Inventory $ 3,500 2,580 350 2018 $ 2,960 2,200 300 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 write- down for LCM/NRV? Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 2 Req 3 Req 4 Calculate the inventory turnover ratio for 2018 and 2017. (Round your answers to 1 decimal place.) Times per Year 2018 2017 Inventory Turnover Ratio < Req 1A Req 1B >