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pretax income and tax ex- income tax rate)? 7. Quantifying the Effect of Inventory Write-offs on Ratios Under Armour reported the following in its 2018 Form 10-K. Under Armour's income statement reported 2018 cost of goods sold of $2.852,714 thousand. Its balance sheet reported inventories of $1,019,496 thousand in 2018 and $1.158,548 thousand in 2017. Restructuring Plans As previously announced, Our Board of Directors approved rostructuring plans designed to more closely align our financial resources with the critical priorities of our business and op- timize operations. We recognized approximately $203.9 million of pre-tax charges in connection with our restructuring plan. The costs incurred during the year ended December 31, 2018 include the following: 2018 Costs recorded in cost of goods sold (thousands) Inventory write-ofts Total cost recorded in cost of goods sold. $20.801 $20,801 d. Explain why Under Armour recorded an inventory write-off. b. What effect did the 2018 inventory write-off have on pretax income during 2018? 6. Calculate inventory tumover and days inventory outstanding for 2018. d. If Under Armour had not written off inventory in 2018, what would it have reported for cost of goods sold in 2018? What would have been the inventory balances in 2018 and 2017? t. Use the adjusted cost of goods sold and inventory balances to recalculate inventory turnover and days inventory outstanding. Did the inventory write-off make a significant difference