Snow Pack Corporation is the biggest snowmobile manufacturer in the world. It reported the following amounts in its financial statements (in millions): Net Sales Revenue Cost of Goods Sold Average Inventory Required: 2017 $3,400 2,480 2018 $2,060 2,100 340 290 1-a. Calculate the inventory turnover ratio for 2018 and 2017. 1-b. Calculate the average days to sell inventory for 2018 and 2017. 2. Did inventory turnover at Snow Pack improve or decline in 2018? 3. Calculate the 2018 gross profit percentage. 4. The main competitor for Snow Pack is Arctic Cat. Prior to being acquired by Textron, Incorporated. Arctic Cat reported its inventory turnover was 3.1 and its gross profit percentage was 37 percent. Why was Arctic Cat more likely than Snow Pack to require a write- down for LCM/NRV? Complete this question by entering your answers in the tabs below. Req 1A Req 18 1 Req 2 Red 3 Req 4 Calculate the inventory turnover ratio for 2018 and 2017. (Round your answers to 1 decimal place.) Times per Year 2018 2017 Inventory Turnover Ratio