Question #2 20 marks Part A and Part B are independent. Part A. (15 marks) Revenues CGS [ Time Period Fiscal year 2017 1* quarter 2018 2nd quarter 2018 3rd quarter 2018 4th quarter 2019 Fiscal year 2018 $430 799 619 421 2,269 $305 503 419 317 1544 $1588 729 720 627 606 606 (i) Using the fiscal year (annual) information for 2018, calculate GP percentage and inventory turnover ratio Inventory turnover = CGS/ av. Inv (2 marks) (ii) (4 marks) Calculate GP percentage by quarter 1* quarter GP percentage = 2nd quarter GP percentage = 3rd quarter GP percentage = 4th quarter GP percentage = Recalculate inventory turnover ratio for 2018 using a weighted average of inventory over the year as follows: Use an average of averages. (See lesson notes # 10, example 5). (6 marks) Comment on your results