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need help with the following Buffalo Electronics has enjoyed tremendous sales growth during the last 10 years. However, even though sales have steadily increased, the

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Buffalo Electronics has enjoyed tremendous sales growth during the last 10 years. However, even though sales have steadily increased, the company's CEO, Dana Byrnes, is concerned about certain aspects of its performance. She has called a meeting with the corporate controller and the vice presidents of finance, operations, sales, and marketing to discuss the company's performance. Dana begins the meeting by making the following observations: We have been forced to take significant write-downs on inventory during each of the last three years because of obsolescence. In addition, inventory storage costs have soared. We rent four additional warehouses to store our increasingly diverse inventory. Five years ago inventory represented only 20% of the value of our total assets. It now exceeds 35%. Yet, even with all of this inventory,"stockouts" (measured by complaints by customers that the desired product is not available) have increased by 40% during the last three years. And worse yet, it seems that we constantly must discount merchandise that we have too much of Dana asks the group to review the following data and make suggestions as to how the company's performance might be improved. (in millions) 2022 2021 2020 2019 Inventory Raw materials $ 219 $ 181 $ 143 $ 136 Work in process 110 74 50 33 Finished goods 666 430 422 216 Total inventory $ 995 $ 685 $ 615 $385 Current assets $ 1.581 $ 1,350 $ 1,204 $ 775 Total assets $ 2,742 $ 2.338 $ 2.416 $ 2,011 Current liabilities $ 620 $ 600 $ 560 $ 461 Sales revenue $ 9,600 $ 8,500 $ 7,500 $ 7,488 Cost of goods sold $ 6,720 $ 5,525 $ 4,500 $ 3,719 Net income $ 720 $ 884 $ 945 $ 951 (a) Using the information provided, Compute the current ratio, gross profit rate, profit margin, inventory turnover, and days in inventory for 2020 2021, and 2022. (Round current ratio to 2 decimal places, e.g. 15.25:1 and all other answers to 1 decimal place, e.g. 15.2 or 15.2%.) 2022 2021 2020 Current ratio :1 :1 :1 Gross profit rate % % % Profit margin % % % Inventory turnover times times times Days in inventory days days days

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