2021 2020 2019 Cost of goods sold $15,357 $13,433 $14,619 Inventories 3,414 3,266 3,379 Current assets 22,545 19,240 20,411 Current liabilities 19,950 14,601 26,973 In the notes to its financial statements, Coca-Cola disclosed that it uses the FIFO and average cost formulas to determine the cost of its invertory The industry averages for the inventory tumover, days in inventory, and current ratios are as follows: 2021 2020 Inventory turnover 8.1 times 10.1 times Days in inventory 45 days 36 days Current ratio 0.9:1 1.1:1 (a1) Calculate Coca-Cola's inventory tumover, days in inventory, and current ratios for 2021 and 2020. (Round inventory turnover and ratio to 1 decimal place, e.g. 15.2. Round days in inventory to the nearest day, e.g. 15 days. Use 365 days for calculation.) Inventory Tumover Days In Inventory 2021 times days 2020 times days Current Ratio :1 :1
2021 2020 2019 Cost of goods sold $15,357 $13,433 $14,619 Inventories 3,414 3,266 3,379 Current assets 22,545 19,240 20,411 Current liabilities 19,950 14,601 26,973 In the notes to its financial statements, Coca-Cola disclosed that it uses the FIFO and average cost formulas to determine the cost of its invertory The industry averages for the inventory tumover, days in inventory, and current ratios are as follows: 2021 2020 Inventory turnover 8.1 times 10.1 times Days in inventory 45 days 36 days Current ratio 0.9:1 1.1:1 (a1) Calculate Coca-Cola's inventory tumover, days in inventory, and current ratios for 2021 and 2020. (Round inventory turnover and ratio to 1 decimal place, e.g. 15.2. Round days in inventory to the nearest day, e.g. 15 days. Use 365 days for calculation.) Inventory Tumover Days In Inventory 2021 times days 2020 times days Current Ratio :1 :1
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:2021
2020
2019
Cost of goods sold
$15,357
$13,433
$14,619
Inventories
3,414
3,266
3,379
Current assets
22,545
19,240
20,411
Current liabilities
19,950
14,601
26,973
In the notes to its financial statements, Coca-Cola disclosed that it uses the FIFO and average cost formulas to determine the cost of its
invertory
The industry averages for the inventory tumover, days in inventory, and current ratios are as follows:
2021
2020
Inventory turnover
8.1 times
10.1 times
Days in inventory
45 days
36 days
Current ratio
0.9:1
1.1:1
(a1)
Calculate Coca-Cola's inventory tumover, days in inventory, and current ratios for 2021 and 2020. (Round inventory turnover and
ratio to 1 decimal place, e.g. 15.2. Round days in inventory to the nearest day, e.g. 15 days. Use 365 days for calculation.)
Inventory Tumover
Days In Inventory
2021
times
days
2020
times
days
Current Ratio
:1
:1
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