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The following information (in $ millions) comes from the Annual Report of Saratoga Springs Co. for the year ending 12/31/2021: Year ended 12/31/2021 Net sales
The following information (in $ millions) comes from the Annual Report of Saratoga Springs Co. for the year ending 12/31/2021:
Year ended | 12/31/2021 | ||
Net sales | $ | 8,039 | |
Cost of goods sold | 4,857 | ||
Selling and administrative expense | 1,999 | ||
Interest expense | 506 | ||
Income before taxes | 677 | ||
Net income | 548 | ||
12/31/2021 | 12/31/2020 | |||||||
Cash and cash equivalents | $ | 1,065 | $ | 73 | ||||
Receivables, net | 1,100 | 754 | ||||||
Inventories | 1,145 | 609 | ||||||
Land, buildings and equipment at cost, net | 13,590 | 3,934 | ||||||
Total assets | $ | 16,900 | $ | 5,370 | ||||
Total current liabilities | $ | 5,837 | $ | 2,299 | ||||
Long-term debt | 5,681 | 2,311 | ||||||
Total liabilities | $ | 11,518 | $ | 4,610 | ||||
Total stockholders' equity | $ | 5,382 | $ | 760 | ||||
Required: Compute the inventory turnover ratio for 2021. (Round your answer to 1 decimal p
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