Bell Companies is the biggest snowmobile manufacturer in the world. It reported the following amounts in its financial statements in millions): Net Sales Revenue Cont of Goods Sold Average Inventory 2017 $ 4,500 3,760 450 2018 $ 3,960 3,300 400 Required: 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 Bell improve or decline in 2018? 3. Calculate the 2018 gross profit percentage. 4. The main competitor for Bellis Arctic Cat Prior to being acquired by Textron, Incorporated, Arctic Cat reported its inventory turnover was 4.2 and its gross profit percentage was 4.8 percent. Why was Arctic Cat more likely than Bell to require a write down for LCM/NRV? Complete this question by entering your answers in the tabs below. Reg IA Reg 1B Reg 2 Req3 Reg 4 Calculate the inventory turnover ratio for 2018 and 2017. (Round your answers to 1 decimal place.) Times per Year 2018 2017 Inventory Tumover Ratio Reg 13 > Reg 1A Reg 1B Reg 2 Reg 3 Reg 4 Calculate the average days to sell Inventory for 2018 and 2017. (Use 365 days in a year. Use rounded "Inventory Turnover Ratio" and round your answers to 1 decimal place.) Days 2018 2017 Average Days to Sell Inventory Reg 1A Reg 1B Reg 2 Reg 3 Reg 4 Did Inventory turnover at Bell improve or decline in 2018? Improve Decline Complete this question by entering your answers in the tabs below. Req 1A Reg 1B Reg 2 Reg 3 Reg 4 Calculate the 2018 gross profit percentage. (Round your answer to 1 decimal place.) Gross profit percentage for 2018 % Complete this question by entering your answers in the tabs below. Reg 1A Req 18 Reg 2 Reg 3 Reg 4 The main competitor for Bellis Arctic Cat. Prior to being acquired by Textron, Incorporated, Arctic Cat reported its inventory turnover was 4.2 and its gross profit percentage was 4.8 percent. Why was Arctic Cat more likely than Bell to require a write- down for LCM/NRV? (Select all that apply.) Arctic Cat had a higher number of days to sell than Bell. Arctic Cat had a lower gross profit percentage than Bell. Arctic Cat had a greater number of inventory turns than Bell.