Question 3

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): Net Sales Cost of Goods Sold Beginning Inventory Ending Inventory 2016 $5,200 4,100 520 590 2015 $5,260 4,000 430 520 Required: 1. Determine the inventory turnover ratio and average days to sell Inventory for 2016 and 2015 (Use 365 days in a year. Round your Intermediate and final answers to 1 decimal place.) 2016 2015 times per year Inventory Tumover Ratio Days to Sell times per year days days