Analyzing inventories over three years. The following information relates to the activities of Kellogg, a manufacturer of breakfast cereals (amounts in millions):

a. Compute the inventory turnover for each year.

b. Compute the average number of days that inventories are held each year.

c. Compute the cost of goods sold to sales percentage for each year.

d. How well has Kellogg managed its inventories over the three years?

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Year 6 Year 7 Year 8 Sales..... $7,004 $6,677 $6,830 Cost of Goods Sold. 3,178 3,123 3,270 Average Inventory 387 401 430