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The financial statements of ConAgra Foods, Inc.’s 2017 annual report disclose the following information. (in millions) 020170 0 20160  020150 Year-end inventories $934.2 $1,044.1 $1,642.6     Fiscal Year     0 20170  0 20160  Net sales   $7,826.9 $8,664.1 Cost of goods sold   5,484.8 6,234.9 Net income   648.0 (665.9) Instructions Compute ConAgra’s (a) inventory turnover and (b) the average days to sell inventory for 2017 and 2016.

The financial statements of ConAgra Foods, Inc.’s 2017 annual report disclose the following information. (in millions) 020170 0 20160  020150 Year-end inventories $934.2 $1,044.1 $1,642.6     Fiscal Year     0 20170  0 20160  Net sales   $7,826.9 $8,664.1 Cost of goods sold   5,484.8 6,234.9 Net income   648.0 (665.9) Instructions Compute ConAgra’s (a) inventory turnover and (b) the average days to sell inventory for 2017 and 2016.

FINANCIAL ACCOUNTING
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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Question

The financial statements of ConAgra Foods, Inc.’s 2017 annual report disclose the following information.

(in millions)
020170
0 20160 
020150
Year-end inventories
$934.2
$1,044.1
$1,642.6
    Fiscal Year
   
0 20170 
0 20160 
Net sales  
$7,826.9
$8,664.1
Cost of goods sold  
5,484.8
6,234.9
Net income  
648.0
(665.9)

Instructions

Compute ConAgra’s (a) inventory turnover and (b) the average days to sell inventory for 2017 and 2016.

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