Answered step by step
Verified Expert Solution
Question
1 Approved Answer
In its 2018 annual report, Gap Inc. reported inventory of $1,997 million on January 31, 2018, and $1,830 million on February 1, 2017, cost
In its 2018 annual report, Gap Inc. reported inventory of $1,997 million on January 31, 2018, and $1,830 million on February 1, 2017, cost of goods sold of $9,789 million for 2018, and net sales of $15,855 million. (a) Your answer is correct. Compute Gap's inventory turnover for the fiscal year 2018. (Round answer to 2 decimal places, e.g. 7.62.) Inventory turnover eTextbook and Media 5.12 times Attempts: 1 of 3 used (b) Compute Gap's average days to sell inventory for the fiscal year 2018. (Round answer to 1 decimal place, e.g. 7.6.) Average days to sell inventory days
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started