Suppose you are conducting an analysis of the financial performance of Cold Goose Metal Works Inc. over the past three years. The company did not issue new shares during these three years, and has faced some operational difficulties. The company has thus pilot tested some new forecasting strategies for better operations management. You have collected the company's relevant financial data, made reasonable assumptions based on the information available, and calculated the following ratios. Ratios Calculated Year 1 Year 2 Year 3 Price to cash flow 1.60 1.12 0.90 Inventory turnover 3.20 2.56 2.05 Debt to equity 0.30 0.24 0.19 Based on the preceding information, your calculations, and your assumptions, which of the following statements can be included in your analysis report? A. A decline in the inventory turnover ratio could likely be explained by operational difficulties that the company faced, which led to duplicate orders placed to vendors. B. A decline in the debt-to-equity ratio implies a decline in the credi tworthiness of the firm. C. A decline in the inventory turnover ratio can be explained by the new inventory management system that the company recently adopted, which led to more efficient inventory management. D. A plausible reason why Cold Goose Metal works Inc.'s price-to-cash-flow ratio has decreased is that investors expect lower cash flow per share in the future.