Foster & Kelly was tounded with the mission of filing every home with music. The company reported the folowing amounts in itsfinanciai statenents (in millionis)2018Net SalesCost of doods solaheglaning Tnventeryteding Teventory$4,8003,7004702017$ 4,8603,610430470Required:1. Determine the inventory tumover ratio and average days to sell inventory for 2018 and 2017, (Use 365 deys in o year. Round yourIntermediete and finel answers to 1 decimal place.)20182017Inventory Turnover RatioSmes per yeartimes per yerDays to Selldaysdays

Name: Foster & Kelly was tounded with the mission of filing every home with
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Description: Foster & Kelly was tounded with the mission of filing every home with music. The company reported the folowing amounts in itsfinanciai statenents (in millionis)2018Net SalesCost of doods solaheglaning Tnventeryteding Teventory$4,8003,7004702017$ 4,8

Inventory turnover = Cost of goods sold / Average inventory where, Average inventory = (beginning…

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Foster & Kelly was founded with the mission of filling every home with music. The company repoited the foilowing amounts in its financial statenents tin millions) 2018 Net Sales Cost of doods sela eglaning Inentery tnding Teventoey 5 4,800 3,700 470 2017 $ 4,840 3,610 430 470 Required: 1 Determine the inventory tumover ratio and average days to sell inventory for 2018 and 2017. (Use 365 deys in a year. Round your Intermediete and finel answers to 1 decimal plece.) 2018 2017 Inventory Tuhover Ratio Smes per year times per year Days to Sell days days

Foster & Kelly was founded with the mission of filling every home with music. The company repoited the foilowing amounts in its financial statenents tin millions) 2018 Net Sales Cost of doods sela eglaning Inentery tnding Teventoey 5 4,800 3,700 470 2017 $ 4,840 3,610 430 470 Required: 1 Determine the inventory tumover ratio and average days to sell inventory for 2018 and 2017. (Use 365 deys in a year. Round your Intermediete and finel answers to 1 decimal plece.) 2018 2017 Inventory Tuhover Ratio Smes per year times per year Days to Sell days days

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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