The financial statements of Sheffield, Inc's. 2025 annual report disclose the following information: (in millions) May 24, 2025 $250 Inventories Sales Cost of goods sold Net income (a) (b) 2025 Fiscal Year $4,200 1,300 330 May 25, 2024 $250 Inventory turnover 2024 $3,900 1,400 Compute Sheffield's (a) inventory turnover and (b) the average days to sell inventory for 2025 and 2024. (Round inventory turnover to decimal places, e.g. 7.63 and average days to sell inventory to 1 decimal place, e.g. 65.1.) 290 Average days to sell inventory May 26, 2023 $190 2025 times days 2024 times days

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.