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The following information was obtained from the Year 2 (Y2) and Year 1 (Y1) financial statements of James Company, Norris Corporation, and Zorro Company: (In

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The following information was obtained from the Year 2 (Y2) and Year 1 (Y1) financial statements of James Company, Norris Corporation, and Zorro Company: (In millions) James Norris Zorro Accounts receivable 12/31/Y2 $ 33,000 $ 22,000 $ 41,500 12/31/Y1 30,000 12,800 42,600 Inventory 12/31/Y2 $ 22,600 $ 12,600 $ 54,200 12/31/Y1 23,900 32,800 44,000 Net sales (Credit) 12/31/Y2 $620,000 $320,000 $510,000 12/31/Y1 610,000 310,000 760,000 Cost of goods sold 12/31/Y2 $211,000 $311,000 $406,000 200,000 12/31/Y1 156,000 310,000 Compare the three companies and answer the following: A. Compute the number of days inventory is held before being sold for each company for Year 2. Assume that there are 365 days in a year. Round your intermediate calculations and answers to one decimal place. James days Inventory 12/31/Y2 $ 22,600 $ 12,600 $ 54,200 12/31/Y1 23,900 32,800 44,000 Net sales (Credit) 12/31/Y2 $620,000 $320,000 $510,000 12/31/Y1 610,000 310,000 760,000 Cost of goods sold 12/31/Y2 $211,000 $406,000 $311,000 12/31/Y1 156,000 200,000 310,000 Compare the three companies and answer the following: A. Compute the number of days inventory is held before being sold for each company for Year 2. Assume that there are 365 days in a year. Round your intermediate calculations and answers to one decimal place. James days Norris days Zorro days B. Which company appears to have the best liquidity position based solely on the inventory analysis

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