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The following information is available for The Coca-Cola Company (in U.S. $ millions): Cost of goods sold Inventories Current assets Current liabilities 2018 $11,770 2,766
The following information is available for The Coca-Cola Company (in U.S. $ millions): Cost of goods sold Inventories Current assets Current liabilities 2018 $11,770 2,766 30,634 29,223 2017 $13,255 2,655 36,545 27.194 2016 $16,465 2,675 34,010 26,532 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 2018 9.7 times 38 days 1.1:1 2017 7.7 times 47 days 1.3:1 (a1) Calculate Coca-Cola's inventory turnover, days in inventory, and current ratios for 2018 and 2017. (Round inventory turnover and current ratio to 1 decimal place, e.g. 15.2. Round days in inventory to nearest day.) Days In Inventory Current Ratio Inventory Turnover times 2018 days :1 2017 times days :1
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