Round your answer to the nearest million. a. Net sales 31,862 b. Purchases 16,932 C. Cost of sales 16,349 X d. Beginning inventory 4,239 e. Ending inventory 4,732 3. What inventory costing method does the company use to value its inventory? FIFO 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? Increase earnings 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. 83 X days 7. Compute the gross profit ratio. Record your answer as a decimal rounded to two places rather than a percentage