Inventory Management

The following financial information is taken from the annual report of Intel Corporation:

(amounts in millions)	2018	2017
Net revenue	$70,848	$62,761
Cost of goods sold	27,111	23,608
Ending Inventory	7,253	6,983

Using the above data, calculate the companys inventory turnover, inventory-on-hand period, and gross profit percentage for 2018 and 2017 Round all answers to nearest one decimal place.

Is the companys inventory management improving? Intel's inventory management effectiveness declined or improved?

Intel uses FIFO to value its inventory. Would these ratios look better if the company used LIFO instead? Yes, would have looked better with LIFO instead of FIFO or No, would have looked worse if the company has used LIFO instead of FIFO