Analyzing Inventory Levels and Write-downs Quarterly data for Nvidia Inc. for the most recent 10 quarters follows ($ millions).

			Cost of
Fiscal Year	Fiscal Quarter	Total Assets	Goods Sold	Inventories	Revenue
2016	4	$10,825	$906	$794	$2,173
2017	1	10,351	814	821	1,937
2017	2	10,342	967	855	2,230
2017	3	10,813	1,120	857	2,636
2017	4	12,365	1,162	796	2,911
2018	1	12,606	1,190	797	3,207
2018	2	14,170	1,198	1,090	3,123
2018	3	15,023	1,296	1,417	3,181
2018	4	14,621	989	1,575	2,205
2019	1	15,423	916	1,426	2,220

On November 16, 2018, after Nvidias third quarter (Q3) 2018 earnings release, ExtremeTech reported: Nvidia stocks plummeted on Friday after the company released its earnings report. The company has, as of this writing, lost about 16 percent of its previous valuation. But what happens to a company after it reports earnings doesnt always make sense from a technical perspective. Nvidias stock has taken a hammering today for basically having a weak Q3. Revenue in Nvidias fiscal year Q3 2019 (Nvidias calendar runs a year ahead of the actual physical date) was up significantly compared with the same time last year, but flat in Q3 compared with Q2. Nvidias margin slipped a tiny bit but its the companys inventory build that has analysts worried. Nvidia is currently holding $1.417 B in product, up from $796 M in January 2018 and $1.09 B in Q2 2018. Nvidia blames this problem entirely on the decline of the cryptography market and has stated it will ship no new midrange cards to market through Q4 to give the channel time to work through the excess inventory build-up. a. Calculate the inventory as a percent of total assets. Note: Round percentage to one decimal place (for example, enter 6.7% for 6.6555%).

Fiscal Year	Fiscal Quarter	Inventories / Total Assets
2016	4
2017	1
2017	2
2017	3
2017	4
2018	1
2018	2
2018	3
2018	4
2019	1

b. Is the inventory build referred to by ExtremeTech significant in commonsize terms? AnswerYes in terms of dollar onlyYes in terms of percentage onlyYes in terms of both dollars and percentagesNo in terms of dollars and percentages c. Determine the gross profit margin for each quarter. Note: Round percentage to one decimal place (for example, enter 6.7% for 6.6555%).

Fiscal Year	Fiscal Quarter	Gross Profit Margin
2016	4
2017	1
2017	2
2017	3
2017	4
2018	1
2018	2
2018	3
2018	4
2019	1

d. Did the margin slip a tiny bit in Q3 2018? Had the company maintained the gross margin in Q3 2018 as in Q2 2018, operating income would have been about $Answer million higher. e. Have margins and inventory levels improved in the quarters subsequent to the ExtremeTech report? AnswerResults improved in all subsequent quartersResults worsened in all subsequent quartersResults in subsequent periods were mixed