Vo Manufacturing is the biggest snowmobile manufacturer in the world. It reported the following amounts in its financial statements (inmillions):20172018Net Sales Revenue$ 4, 200$ 3,660Cost of Goods Sold3,4702,950Average Inventory430370Required: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 Vo improve or decline in 2018?3. Calculate the 2018 gross profit percentage.4. The main competitor for Vo is Arctic Cat. Prior to being acquired by Textron, Incorporated, Arctic Cat reported its inventoryturnover was 3.9 and its gross profit percentage was 4.5 percent. Why was Arctic Cat more likely than Vo to require a write-downfor LCM/NRV?Complete this question by entering your answers in the tabs below.Req 1AReq 1BReq 2Req 3Req 4Calculate the inventory turnover ratio for 2018 and 2017. (Round your answers to 1 decimal place.)Times per Year20182017Inventory Turnover Ratio

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Answered: 1-a. Calculate the inventory turnover…

FINANCIAL ACCOUNTING

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Chapter1: Financial Statements And Business Decisions

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Calculate 1. Return on equity 2. Inventory Turnover 3. Accounts Receivable Turnover
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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 Vo improve or decline in 2018? 3. Calculate the 2018 gross profit percentage.