PA7-3 Calculating and Interpreting the Inventory Turnover Ratio and Days to Sell [LO 7-5]

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):

	2013		2012
Net Sales	$	5,300	$	5,360
Cost of Goods Sold		4,200		4,050
Beginning Inventory		510		440
Ending Inventory		610		510

Required:
1.	Determine the inventory turnover ratio and average days to sell inventory for 2013 and 2012. (Use 365 days in a year. Round your intermediate and final answers to 1 decimal place.)