Refer to the 10-K for 3M. Required: 1. What does the company report for the following accounts for the most current fiscal year: Enter your answer in millions. a. Net salles b. Beginning inventory* c. Cost of sales d. Ending inventory* *Include all types of inventory 2. Assume that the company projects the following: Net sales and cost of goods sold will decrease by 1% in the next fiscal year. Purchases are expected to be 103% of projected cost of sales. Assume all other items remain unchanged from the prior year. Provide the next year's forecasted balances: Round your answer to the nearest million. a. Net sales b. Purchases C. Cost of sales d. Beginning inventory e. Ending inventory 3. What inventory costing method does the company use to value its inventory? 4. Is the inventory costing method used by the company more likely increase earnings or decrease taxes relative to other inventory costing methods when inventory prices are rising? 5. Compute the forecasted inventory turnover ratio. Round to two decimal places. 6. How many days will it take to sell the inventory on hand? Use 365 days in a year. Round to the nearest day. days 7. Compute the gross profit ratio. Record your answer as a decimal rounded to two places rather than a percentage. Refer to the 10-K for 3M. Required: 1. What does the company report for the following accounts for the most current fiscal year: Enter your answer in millions. a. Net salles b. Beginning inventory* c. Cost of sales d. Ending inventory* *Include all types of inventory 2. Assume that the company projects the following: Net sales and cost of goods sold will decrease by 1% in the next fiscal year. Purchases are expected to be 103% of projected cost of sales. Assume all other items remain unchanged from the prior year. Provide the next year's forecasted balances: Round your answer to the nearest million. a. Net sales b. Purchases C. Cost of sales d. Beginning inventory e. Ending inventory 3. What inventory costing method does the company use to value its inventory? 4. Is the inventory costing method used by the company more likely increase earnings or decrease taxes relative to other inventory costing methods when inventory prices are rising? 5. Compute the forecasted inventory turnover ratio. Round to two decimal places. 6. How many days will it take to sell the inventory on hand? Use 365 days in a year. Round to the nearest day. days 7. Compute the gross profit ratio. Record your answer as a decimal rounded to two places rather than a percentage