Question 3 Consider the financial data shown in the table below, data given for the year 2004: Inventories Sales (net) COGS Costco Walmart ($ Millions) ($ Millions) $ 3,643 $ 29.447 $ 48,106 $ 286,103 $ 41,651 $ 215,493 (a) Compute the Inventory Turns per year for each of the retailers. (b) About how many days does the average product stay in Costco's inventory before it is sold? Assume 365 days in a year? Compute the same measure for Walmart. Question 4 Florida is the place to be, especially in the winter months! One particular island off the west coast has on average 1200 tourists in the vicinity on a typical winter day. (a) On average, a tourist stays for 10 days. How many tourists arrive each day on average? (b) Suppose the average tourist spends $50 per person per day on their first day and $30 per person per day each additional day, at local restaurants. If, due to inflation and other concerns, forecasters worry that the average tourist will only stay for 5 days next winter (but will not alter the way they spend at restaurants), then what percent change in revenue is being forecasted for the local restaurants? (Assume the same average number of tourists present in the vicinity.)