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Inventory Management The following financial information is taken from the annual report of Intel Corporation: (amounts in millions) Year 2 Year 1 Net revenues S42,826 538 209 Cost of goods sold 18.777 17.453 Ending inventories 3,126 2,621 Using the above data, calculate the company's inventory turnover. Inventory-on-hand period, and gross profit percentage for Year 1 and Year 2. Year 1 Round all answers to nearest one decimal place. Year 2 Inventory turnover Inventory-on.nand period Gross profit percentage is the companys irwentory management improving? Intel uses FIFO to value its inventory. Would these ratios look better if the company used LIFO instead