E9.23 (LO 6 ) (Analysis of Inventories) The financial statements of ConAgra Foods, Inc.'s 2017 annual report disclose the following information.(in millions)201720162015Year-end inventories$934.2$1,044.1$1,642.6 Fiscal Year 20172016Net sales $7,826.9$8,664.1 Cost of goods sold 5,484.86,234.9 Net income 648.0(665.9)InstructionsCompute ConAgra's (a) inventory turnover and (b) the average days to sell inventory for 2017 and 2016.

Inventory turnover = Cost of goods sold / Average inventory Average days to sell inventory =365/…

Answered: The financial statements of ConAgra…

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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E9.23

(LO 6 ) (Analysis of Inventories) The financial statements of ConAgra Foods, Inc.'s 2017 annual report disclose the following information.

(in millions)	2017	2016	2015
Year-end inventories	$934.2	$1,044.1	$1,642.6
		Fiscal Year
		2017	2016
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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