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Harman International Industries is a world-leading producer of loudspeakers and other electronics products, which are sold under brand names like JBL, Infinity, and Harman/Kardon. The
Harman International Industries is a world-leading producer of loudspeakers and other electronics products, which are sold under brand names like JBL, Infinity, and Harman/Kardon. The company reported the following amounts in its financial statements (in millions):
2015 $6,910 $6,155 4,340 665 2016 Net Sales Cost of Goods Sold Beginning Inventory Ending Inventory 4, 820 695 705 695 Required 1. Determine the inventory turnover ratio and average days to sell inventory for 2016 and 2015. (Use 365 days in a year. Round your intermediate and final answers to 1 decimal place.) Inventory Turnover Ratio Days to Sell 2016 times per year days 2015 times per year daysStep by Step Solution
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