Exercise 9-23

The financial statements of ConAgra 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 $15,427 Cost of goods sold 13,980 11,864 Net income 315 786

Compute ConAgras (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