The following information is available for MVF Company (dollar amounts are in millions): Net sales Cost of goods sold Beginning finished goods inventory Ending finished goods inventory Materials purchased 2016 $23.2 17.1 2.3 2.9 10.6 2015 $21.7 16.8 2.1 2.3 8.8 2014 $19.6 15.2 1.9 2.1 7.5 2013 $17.4 13.5 1.5 Describe the change in each ratio you observe in 2016. Discuss at least two possible causes of each change observed.* 1.9 7.1 a. Calculate the following ratios for each year: Gross profit percentage. Inventory turnover. Cost of materials purchased to cost of finished goods produced. b. Analyze the results obtained in a. above: