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