Problem 3-13 Inventory management. Three companies that compete in the foods market are Campbell Soup, Hormel, and Tyson. The table below shows (in $ millions) inventory levels and cost of goods sold for each company for fiscal years 2018, 2019 and for the 12 months ending in the first quarter of 2020. Calculate the inventory turnover ratio for each company in each year and summarize your findings. Important: Do not use cell references to cells in rows 5 to 13. For all required answers, use cell references to values starting in row 18. Campbell Soup Cost of goods sold 2020 $5,505 2019 2018 $5,414 $5,869 Inventory 731 863 1,199 Hormel Cost of goods sold $7,726 $7,657 $7,613 Inventory 1,045 1,057 1,042 Tyson Cost of goods sold $38,536 $37,920 $37,383 Inventory 4,025 4,304 4,108 Solution Campbell Soup 2020 2019 2018 Cost of goods sold Inventory $5,505 $731 $5,414 $5,869 $863 $1,199 Inventory turnover ratio Hormel 2020 2019 2018 Cost of goods sold $7,726 $7,657 $7,613 Inventory $1,045 $1,057 $1,042 Inventory turnover ratio Tyson 2020 2019 2018 Cost of goods sold $38,536 $37,920 $37,383 Inventory $4,025 $4,304 $4,108 Inventory turnover ratio Campbell Soup tends to have a slower rate of turnover than does Hormel or Tyson. Hormel and Tyson focus on meat products, which can be frozen but must be processed relatively quickly. Campbell's main product is canned soup, which can last much longer than meat before spoiling. The statemment about is: