P6-35. Evaluating Turnover Ratios Across Industries The table that follows reports balance sheet and income statement information for Nike, Best Buy, Johnson & Johnson, and Boeing from their year-end 2015 SEC filings. Cost of Inventory, Inventory, 2015 2014 $ millions Nike . .. _ _ _ . . .._ _ . .. . Best Buy Sales Goods Sold PPE, net $30,601 $16,534 30,334 21,536 S 4,337 5,051 3,947 $ 3,011 5,174 8,184 15,905 39,528 2,346 8,053 Boeing (product sales). . .85,255 73,446 47,257 46,756 12,076 Required a. Compute the days inventory outstanding for each company for 2015 b. Compare the days inventory outstanding across the four companies and consider the industries in which they operate. What do we observe? c. Compute the PPE turnover for each company d. Why is the PPE tumover for Best Buy so much higher than that for Boeing? e. Which metric is likely easier for these companies to improve, inventory days outstanding or PPE turnover? Explain