Real World Financials The table below contains selected information from recent financial statements of The Home Depot, Inc., and Lowe's Companies, Inc., two companies in the home improvement retail industry ($ in millions): Net sales Cost of goods sold Year-end inventory Home Depot Lowe's 1/31/16 2/1/15 1/29/16 1/30/15 $80,362 $76,304 $54,967 $52,071 52,972 49,262 30,366 33,544 12,190 11,850 9,277 8,750 Industry Averages: Gross profit ratio Inventory turnover ratio Average days in inventory 33 % 3.9 times 94 days Required: Calculate the gross profit ratio, the inventory turnover ratio, and the average days in inventory for the two companies for their fiscal years ending in 2016. (Use 365 days a year. Round "Inventory turnover ratio" to 2 decimal places. Enter dollar amounts in millions. Round the dollar answer values to the nearest whole dollars.) Gross Profit Ratio Choose Numerator: / Choose Denominator: Gross Profit Ratio Gross profit ratio HOME DEPOT 1 0 LOWE'S / = 0 Inventory Turnover Ratio Choose Numerator: / Choose Denominator: Inventory Turnover Ratio Inventory turnover ratio 1 = HOME DEPOT = 0 LOWE'S 0 Average Days in Inventory Choose Numerator: / Choose Denominator: II Average Days in Inventory Average days in inventory HOME DEPOT 1 = 0 LOWE'S / 0 The Churchill Corporation uses a periodic inventory system and the LIFO inventory cost method for its one product. Beginning inventory of 20,200 units consisted of the following, listed in chronological order of acquisition: 12,100 units at a cost of $9.00 per unit = $108,900 8,100 units at a cost of $10.00 per unit = 81,000 During 2018, inventory quantity declined by 10,200 units. All units purchased during 2018 cost $13.00 per unit. Required: Calculate the before-tax LIFO liquidation profit or loss that the company would report in a disclosure note assuming the amount determined is material