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E7-15 (Static) Analyzing and Interpreting the Inventory Turnover Ratio (LO 7-5) Polaris Industries Incorporated is the biggest snowmobile manufacturer in the world. It reported the following amounts in its financial statements (in millions): 1432 pois 2017 $5,430 4,100 765 Net Sales Revenue Cost of Goods Sold Average Inventory Required: 2018 $ 6,080 4.580 380 eBook Hint Priet 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 Polaris improve or decline in 2018? 3. Calculate the 2018 gross profit percentage. 4. The main competitor for Polaris is Arctic Cat. Prior to being acquired by Textron, Incorporated, Arctic Cat reported its inventory turnover was 2.9 and its gross profit percentage was 3.5 percent. Why was Arctic Cat more likely than Polaris to require a write down for LCM/NRV? References Complete this question by entering your answers in the tabs below. Reg 1A Reg 18 Reg 2 Req3 Reg Calculate the inventory turnover ratio for 2018 and 2017. (Round your answers to 1 decimal place) Times per Year 2018 2017 Inventory Turnover Ratio PAR