Sonos. Incorporated, 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 $ 1,140 Inventory Turnover Ratio Days to Sell 650 115 195 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 $ 990 540 55 115 2018 times per year days 2017 times per year days
Sonos. Incorporated, 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 $ 1,140 Inventory Turnover Ratio Days to Sell 650 115 195 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 $ 990 540 55 115 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:Sonos. Incorporated, 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
$ 1,140
Inventory Turnover Ratio
Days to Sell
650
115
195
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
$ 990
540
55
115
2018
times per year
days
2017
times per year
days
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