(Appendices) INVENTORY TURNOVER. A recent annual report for The Limited shows cost of goods sold for the...
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(Appendices) INVENTORY TURNOVER. A recent annual report for The Limited shows cost of goods sold for the year of approximately $5,286 million and average inventory of approximately $769 million during the year.
REQUIRED:
1. Calculate The Limited’s inventory turnover.
2. Assuming a 365-day year, how many days, on average, does merchandise spend in inventory before it is sold? LO9
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