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Haymitch Global Industries is a world leading producer of loudspeakers and other electronics products, which are sold under brand names like JRH, Excelsior, and Haymitch/Krug.
Haymitch Global Industries is a world leading producer of loudspeakers and other electronics products, which are sold under brand names like JRH, Excelsior, and Haymitch/Krug. The company reported the following amounts in its financial statements (in millions):
2016 | 2015 | |
Net Sales | $5,600 | $5,660 |
Cost of Goods Sold | 4,500 | 4,400 |
Beginning Inventory | 540 | 460 |
Ending Inventory | 630 | 540 |
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.)
2016 | 2015 | |
Inventory Turnover Ratio | ____ times per year | ____ times per year |
Days to Sell | _____ days | ____ days |
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