Miller North 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 Required: 2017 $3,600 2,780 370 2018 $ 3,060 2,300 310 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 Miller North improve or decline in 2018? 3. Calculate the 2018 gross profit percentage. 4. The main competitor for Miller North is Arctic Cat. Prior to being acquired by Textron, Incorporated, Arctic Cat reported its inventory turnover was 3.3 and its gross profit percentage was 3.9 percent. Why was Arctic Cat more likely than Miller North to require a write-down for LCM/NRV? Complete this question by entering your answers in the tabs below.