Real Time Companies was founded with the mission of filling every home with music. The company reported the following amounts in its financial statements (in millions): Net Sales Cost of Goods Sold Beginning Inventory Ending Inventory Required: 2018 $ 5,900 4,800 540 660 Inventory Turnover Ratio Days to Sell 1. Determine the inventory turnover ratio and average days to sell inventory for 2018 and 2017. (Use 365 days in a year. Round your intermediate and final answers to 1 decimal place.) 2017 $ 5,960 4,700 490 540 2018 times per year days 2017 times per year days
Real Time Companies was founded with the mission of filling every home with music. The company reported the following amounts in its financial statements (in millions): Net Sales Cost of Goods Sold Beginning Inventory Ending Inventory Required: 2018 $ 5,900 4,800 540 660 Inventory Turnover Ratio Days to Sell 1. Determine the inventory turnover ratio and average days to sell inventory for 2018 and 2017. (Use 365 days in a year. Round your intermediate and final answers to 1 decimal place.) 2017 $ 5,960 4,700 490 540 2018 times per year days 2017 times per year days
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:Real Time Companies was founded with the mission of filling every home with music. The company reported the following
amounts in its financial statements (in millions):
Net Sales
Cost of Goods Sold
Beginning Inventory
Ending Inventory
Required:
2018
$ 5,900
4,800
Inventory Turnover Ratio
Days to Sell
#
660
1. Determine the inventory turnover ratio and average days to sell inventory for 2018 and 2017. (Use 365 days in a year.
Round your intermediate and final answers to 1 decimal place.)
2018
times per year
days
2017
$ 5,960
4,700
490
540
Prev
1 of 7
13
times per year
days
Next >
FOR
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