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The asset side of the 2016 balance sheet for Leggett & Platt follows. The company reported cost of sales of $2,850.7 million in 2016 and $2,994.0 million in 2015. Use this information to answer the requirements.

LEGGETT & PLATT, INCORPORATED Consolidated Balance Sheets (excerpts)
(in millions)	Dec. 31, 2016	Dec. 31, 2015
Current Assets
Cash and cash equivalents	$281.9	$ 253.2
Trade receivables, net of allowance $7.2 and $9.3, at December 31, 2016 and 2015, respectively	450.8	448.7
Other receivables, net	35.8	71.5
Total receivables, net	486.6	520.2
Inventories
Finished goods	255.7	242.8
Work in process	52.6	42.6
Raw materials and supplies	245.1	241.8
LIFO reserve	(33.8)	(22.6)
Total inventories, net	519.6	504.6
Prepaid expenses and other current assets	36.8	33.2
Total current assets	1,324.9	1,311.2
Property, plant and equipment at cost
Machinery and equipment	1,133.8	1,099.1
Buildings and other	559.4	548.2
Land	37.7	40.0
Total property, plant and equipment	1,730.9	1,687.3
Less accumulated depreciation	(1,165.4)	(1,146.5)
Net property, plant and equipment	565.5	540.8
Other Assets
Goodwill	791.3	806.1
Other intangibles, less accumulated amortization of $137.0 and $139.8 at December 31, 2016 and 2015, respectively	164.9	188.4
Sundry	137.5	117.2
Total other assets	1,093.7	1,111.7
Total assets	$2,984.1	$2,963.7

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Required:

a) Compute inventory turnover for both years (2016 and 2015) and briefly interpret any change. At December 31, 2014, Total inventories, net were $481.4 million.

b) Leggett & Platt uses LIFO for at least some of its inventory method. What would the company have reported as inventory in 2016 and 2015 if the company had used the FIFO method? (LIFO reserve balances: $33.8 million in 2016; $22.6 million in 2015; and $73.0 million in 2014.)

c) Recalculate cost of goods sold (COGS) under the FIFO method for both 2016 and 2015.

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