Thomas Tones 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 $ 5,800 .4,700 560 630 2017 $ 5,860 4,600 460 560 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 2017 Inventory Turnover Ratio times per year times per year ces Days to Sell days days

Thomas Tones 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 $ 5,800 .4,700 560 630 2017 $ 5,860 4,600 460 560 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 2017 Inventory Turnover Ratio times per year times per year ces Days to Sell days days

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Description: Thomas Tones Incorporated was founded with the mission of filling every home with music. The company reported the followingamounts in its financial statements (in millions):Net SalesCost of Goods SoldBeginning InventoryEnding InventoryRequired:2018$

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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