Exercise 9-23

The financial statements ofConAgra Foods, Inc.'s 2014 annual report disclose the following information.

(in millions)2014

2013

2012

Year-end inventories$2,201$2,077

$2,341

Fiscal Year

2014

2013

Net sales$17,703

$15,427Cost of goods sold13,98011,864Net income315786

Compute ConAgra's (a) inventory turnover and (b) the average days to sell inventory for 2014 and 2013.(Round inventory turnover to 1 decimal place, e.g. 7.6 and average days to sell inventory to 0 decimal places, e.g. 65.)

2014

2013

(a)Inventory turnover

times

times(b)Average days to sell inventory

days

days