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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 | $ | 4,900 | $ | 4,960 | ||||
Cost of Goods Sold | 3,800 | 3,550 | ||||||
Beginning Inventory | 480 | 400 | ||||||
Ending Inventory | 590 | 480 | ||||||
Required:
- 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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