Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Problem 6-11A The following information is available for The Coca-Cola Company (in U.S. millions): 2015 2014 2013 Cost of goods sold $17,482 $17,889 $18,421 Inventories
Problem 6-11A The following information is available for The Coca-Cola Company (in U.S. millions): 2015 2014 2013 Cost of goods sold $17,482 $17,889 $18,421 Inventories 3,100 33,395 32,986 31,304 26,930 32,37427,811 2,902 3,277 Current assets Current liabilities In the notes to its financial statements, Coca-Cola disclosed that it uses the FIFO and average cost formulas to determine the cost of its inventory The industry averages for the inventory turnover, days in inventory, and current ratios are as follows: Inventory turnover Days in inventory Current ratio 2015 8.7 times 42 days 2014 9.1 times 40 days 1.3:1 (ai) Calculate Coca-Cola's inventory turnover, days in inventory, and current ratios for 2015 and 2014. (Round inventory turnover and current ratio to 1 decimal place, e.g. 15.2. Round days in inventory to nearest day. Inventory Turnover Days In Inventory days days Current Ratio 2015 mes 2014 mes
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started