Solar Electronics has enjoyed tremendous sales growth during the last 10 years. However, even though sales have steadily increased, the companys CEO, Dana Byrnes, is concerned about certain aspects of its performance. She has called a meeting with the corporate controller and the vice presidents of finance, operations, sales, and marketing to discuss the companys performance. Dana begins the meeting by making the following observations:
	We have been forced to take significant write-downs on inventory during each of the last three years because of obsolescence. In addition, inventory storage costs have soared. We rent four additional warehouses to store our increasingly diverse inventory. Five years ago inventory represented only 20% of the value of our total assets. It now exceeds 35%. Yet, even with all of this inventory, stockouts (measured by complaints by customers that the desired product is not available) have increased by 40% during the last three years. And worse yet, it seems that we constantly must discount merchandise that we have too much of.
	Dana asks the group to review the following data and make suggestions as to how the companys performance might be improved.

	(in millions)		2022		2021		2020		2019
	Inventory
	Raw materials		$242		$198		$155		$128
	Work in process		116		77		49		33
	Finished goods		567		482		398		257
	Total inventory		$925		$757		$602		$418
	Current assets		$1,800		$1,423		$1,183		$841
	Total assets		$2,643		$2,523		$2,408		$2,090
	Current liabilities		$600		$590		$525		$420
	Sales revenue		$9,428		$8,674		$7,536		$6,840
	Cost of goods sold		$6,328		$5,474		$4,445		$3,557
	Net income		$754		$987		$979		$958

(a) Using the information provided, Compute the current ratio, gross profit rate, profit margin, inventory turnover, and days in inventory for 2020, 2021, and 2022. (Round current ratio to 2 decimal places, e.g. 15.25:1 and all other answers to 1 decimal place, e.g. 15.2 or 15.2%.)

		2022			2021			2020
Current ratio		enter the current ratio rounded to 2 decimal places	:1		enter the current ratio rounded to 2 decimal places	:1		enter the current ratio rounded to 2 decimal places	:1
Gross profit rate		enter the gross profit rate in percentages rounded to 1 decimal place	%		enter the gross profit rate in percentages rounded to 1 decimal place	%		enter the gross profit rate in percentages rounded to 1 decimal place	%
Profit margin		enter the profit margin in percentages rounded to 1 decimal place	%		enter the profit margin in percentages rounded to 1 decimal place	%		enter the profit margin in percentages rounded to 1 decimal place	%
Inventory turnover		enter the inventory turnover in times rounded to 1 decimal place	times		enter the inventory turnover in times rounded to 1 decimal place	times		enter the inventory turnover in times rounded to 1 decimal place	times
Days in inventory		enter days in inventory rounded to 1 decimal place	days		enter days in inventory rounded to 1 decimal place	days		enter days in inventory rounded to 1 decimal place	days