Check my workCheck My Work button is now enabled3 Item10 Item 10 10 points PA7-3 Calculating and Interpreting the Inventory Turnover Ratio and Days to Sell [LO 7-5] Haymitch Global Industries is a world leading producer of loudspeakers and other electronics products, which are sold under brand names like JRH, Excelsior, and Haymitch/Krug. The company reported the following amounts in its financial statements (in millions): 2016 2015 Net Sales $ 4,900 $ 4,960 Cost of Goods Sold 3,800 3,550 Beginning Inventory 480 400 Ending Inventory 590 480 Required: Determine the inventory turnover ratio and average days to sell inventory for 2016 and 2015. (Use 365 days in a year. Round your intermediate and final answers to 1 decimal place.)
Check my workCheck My Work button is now enabled3 Item10 Item 10 10 points PA7-3 Calculating and Interpreting the Inventory Turnover Ratio and Days to Sell [LO 7-5] Haymitch Global Industries is a world leading producer of loudspeakers and other electronics products, which are sold under brand names like JRH, Excelsior, and Haymitch/Krug. The company reported the following amounts in its financial statements (in millions): 2016 2015 Net Sales $ 4,900 $ 4,960 Cost of Goods Sold 3,800 3,550 Beginning Inventory 480 400 Ending Inventory 590 480 Required: Determine the inventory turnover ratio and average days to sell inventory for 2016 and 2015. (Use 365 days in a year. Round your intermediate and final answers to 1 decimal place.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Item 10 10 pointsPA7-3 Calculating and Interpreting the Inventory Turnover Ratio and Days to Sell [LO 7-5]
Haymitch Global Industries is a world leading producer of loudspeakers and other electronics products, which are sold under brand names like JRH, Excelsior, and Haymitch/Krug. The company reported the following amounts in its financial statements (in millions):
| 2016 | 2015 | ||||||
| Net Sales | $ | 4,900 | $ | 4,960 | |||
| Cost of Goods Sold | 3,800 | 3,550 | |||||
| Beginning Inventory | 480 | 400 | |||||
| Ending Inventory | 590 | 480 | |||||
Required:
- Determine the inventory turnover ratio and average days to sell inventory for 2016 and 2015. (Use 365 days in a year. Round your intermediate and final answers to 1 decimal place.)
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