To answer the following questions, use the NIKE's financial statements for the Fiscal Years 2015 and 2016. Round to 1 decimal place for percentages. (The same information is available in Appendix D of your textbook, pages D4 and D6). NIKE, Inc. Consolidated Statements of Income (In $Millions) Revenues Cost of sales Gross profit Demand creation expense Operating overhead expense Total selling and administrative expense Interest expense (income), net Other (income) expense, net Income before income taxes Income tax expense NET INCOME Year Ended May 31, 2016 2015 32.376 30,601 17.405 16,534 14,971 14,067 3,278 3,213 7.191 6,679 10,469 9,892 19 28 _(140). _(58) 4,623 4,205 863 932 $3.760 $3,273 NIKE, Inc. Consolidated Balance Sheets May 31, 2016 2015 3,138 3,852 2,319 2,072 3,241 3,358 4,838 4,337 1,489 1,968 15,025 15,587 3,520 3,011 2.851 2.999 $21,396 $21,597 (In $Millions) ASSETS Current assets: Cash and equivalents Short-term investments Accounts receivable, net Inventories Prepaid expenses and other current assets Total current assets Property, plant and equipment, net Other assets TOTAL ASSETS LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Current portion of long-term debt Notes payable Accounts payable Accrued liabilities Income taxes payable Total current liabilities Long-term debt Deferred income taxes and other liabilities Shareholders' equity TOTAL LIABILITIES AND SHAREHOLDERS EQITY 44 1 2,191 3,037 85 5,358 2,010 1,770 12,258 $21,396 107 74 2.131 3,949 71 6,332 1,079 1,479 12.707 $21,597 Required: A. Calculate the inventory turnover for the Year 2016. B. Calculate the days' sales in inventory for the Year 2016. C. If the inventory turnover for 2015 was 4.0 and the days' sales in inventory was 92.3 days. Is the change in both the inventory turnover and the days' sales in inventory from 2015 to 2016 favorable or is it unfavorable? Explain your