Notes on answering: 1. When computing, do not use rounded off numbers. E.g., use 3/7 or 0.4285714286 instead of 0.43. 2. Answers in the handwritten solutions must have proper units of measure. Place a peso sign for money amount, % for percentage, times for the turnover. Drop the units of measure for answers in the google form. 3. Final answers which are ratios must be in percent and then round off to two decimal places. E.g., 66.67% for the solution and 66.67 for the google form > not 0.67 and not 67% 4. For the other final answers, if they are not whole numbers, round off to two decimal places. 3. In the handwritten solutions, clearly state whether computed variances are favorable or not. In the google form, type the number as-is if favorable. If unfavorable, place a dash (-) sign before the number. 1. ABC Had sales of P12,000,000 of which all were on credit. Its operations resulted to a gross profit margin of 60%. If the inventory was P600,000 and P1,000,000 at the beginning and end of the year, what is the inventory turnover? * Your answer 2. Review the incomplete horizontal analysis shown in the image. Assuming that for 2021, the debt-to-equity ratio of the firm is 1:2, and 40% of the liabilities is current, what is the current ratio? *