The following information is available for MVF Company (dollar amounts are in millions):

	2016	2015	2014	2013
Net sales	$23.2	$21.7	$19.6	$17.4
Cost of goods sold	17.1	16.8	15.2	13.5
Beginning finished goods inventory	2.3	2.1	1.9	1.5
Ending finished goods inventory	2.9	2.3	2.1	1.9
Materials purchased	10.6	8.8	7.5	7.1

1. Calculate the following ratios for each year:

• Gross profit percentage.
• Inventory turnover.
• Cost of materials purchased to cost of finished goods produced.

1. Analyze the results obtained in 3.a. above:

• Describe the change in each ratio you observe in 2016.
• Discuss at least two possible causes of each change observed.