GameWorld Corp. is the world's largest multichannel video game retailer. The company reported the following amounts (in millions) inits annual financial statements at the end of January.Net Sales RevenueCost of Goods SoldBeginning InventoryEnding Inventory2016$16,4009,2402,5502,950Inventory Turnover RatioDays to Sell2015$15,9008,8401,8502,550Required:1. Determine the inventory turnover ratio and average days to sell inventory for 2016 and 2015. TIP: Remember to use costs in boththe numerator (CGS) and denominator (average inventory). (Use 365 days in a year. Round your intermediate and final answers to1 decimal place.)2016times per yeardays2015times per yeardays

The inventory turnover ratio is calculated as cost of the goods sold divided by average inventory.…

meWorld Corp. is the world's largest multichannel video game retailer. The company reported the following amounts (in millions) ir annual financial statements at the end of January. Net Sales Revenue Cost of Goods Sold Beginning Inventory Ending Inventory 2016 $16,400 Inventory Turnover Ratio Days to Sell 9,240 2,550 2,950 2015 $15,900 8,840 1,850 2,550 equired: . Determine the inventory turnover ratio and average days to sell inventory for 2016 and 2015. TIP: Remember to use costs in both the numerator (CGS) and denominator (average inventory). (Use 365 days in a year. Round your intermediate and final answers 1 decimal place.) 2016 times per year days 2015 times per year days

meWorld Corp. is the world's largest multichannel video game retailer. The company reported the following amounts (in millions) ir annual financial statements at the end of January. Net Sales Revenue Cost of Goods Sold Beginning Inventory Ending Inventory 2016 $16,400 Inventory Turnover Ratio Days to Sell 9,240 2,550 2,950 2015 $15,900 8,840 1,850 2,550 equired: . Determine the inventory turnover ratio and average days to sell inventory for 2016 and 2015. TIP: Remember to use costs in both the numerator (CGS) and denominator (average inventory). (Use 365 days in a year. Round your intermediate and final answers 1 decimal place.) 2016 times per year days 2015 times per year 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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