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Jer 7 Homework B Saved PA7-3 (Algo) Calculating and Interpreting the Inventory Turnover Ratio and Days to Sell [LO 7-5] SoundsLike Company was founded
Jer 7 Homework B Saved PA7-3 (Algo) Calculating and Interpreting the Inventory Turnover Ratio and Days to Sell [LO 7-5] SoundsLike Company was founded with the mission of filling every home with music. The company reported the following amounts in its financial statements (in millions): Net Sales look Print Cost of Goods Sold Beginning Inventory Ending Inventory Required: 2018 $ 5,500 4,400 530 630 2017 $ 5,560 4,300 460) 530 1. Determine the inventory turnover ratio and average days to sell inventory for 2018 and 2017. (Use 365 days in a year. Round your intermediate and final answers to 1 decimal place.) Inventory Turnover Ratio: Days to Sell 2018 2017 times per year times per year days days
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