Lopez Industries 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 $ 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. Reg 1A Reg 1B Reg 2 Reg 3 Reg 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 Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Reg 2 Req3 Req 4 Calculate the average days to sell inventory for 2018 and 2017. (Use 365 days in a year. Use rounded "Inventory Turnover Ratio" and round your answers to 1 decimal place.) Days 2018 2017 Average Days to Sell Inventory Complete this question by entering your answers in the tabs below. Req 1A Reg 1B Reg 2 Req3 Reg 4 Did inventory turnover at Lopez improve or decline in 2018? Improve Decline Was S. wy Wds AllIIl Col likely lildl down for LCM/NRV? Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Reg 2 Reg 3 Reg 4 Calculate the 2018 gross profit percentage. (Round your answer to 1 decimal place.) Gross profit percentage for 2018 % Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Req 2 Req3 Reg 4 The main competitor for Lopez is Arctic Cat. Prior to being acquired by Textron, Incorporated, Arctic Cat reported turnover was 3.2 and its gross profit percentage was 3.8 percent. Why was Arctic Cat more likely than Lopez tor write-down for LCM/NRV? (Select all that apply.) Arctic Cat had a higher number of days to sell than Lopez. Arctic Cat had a lower gross profit percentage than Lopez. Arctic Cat had a greater number of inventory turns than Lopez.