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(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 %

Required:

  1. Calculate the cost of goods manufactured for 2017, 2016, and 2015.
  2. Calculate the ratio of cost of sales to net sales for 2017, 2016, and 2015.
  3. Calculate the inventory turnover and day's sales in inventory for 2017, 2016, and 2015.

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