Answered step by step
Verified Expert Solution
Question
1 Approved Answer
(All amounts in millions) 2017 2016 2015 2014 Raw Material Inventory 377 391 427 399 Work in Process Inventory 0 0 0 0 Finished Goods
(All amounts in millions) | |||||||||||
2017 | 2016 | 2015 | 2014 | ||||||||
Raw Material Inventory | 377 | 391 | 427 | 399 | |||||||
Work in Process Inventory | 0 | 0 | 0 | 0 | |||||||
Finished Goods Inventory | 525 | 549 | 566 | 617 | |||||||
Total Inventory | 902 | 940 | 993 | 1,016 | |||||||
Net sales | 7,890 | 7,961 | 8,082 | ||||||||
Cost of Goods Sold | 4,831 | 5,181 | 5,300 | ||||||||
Gross profit | 3,059 | 2,780 | 2,805 | ||||||||
Gross profit ratio | 38.8 | % | 34.9 | % | 34.4 | % | |||||
- Calculate the inventory turnover and day's sales in inventory for 2017, 2016, and 2015.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started