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Thomas Tones Incorporated was founded with the mission of filling every home with music. The company reported the following amounts in its financial statements (in
Thomas Tones Incorporated was founded with the mission of filling every home with music. The company reported the following amounts in its financial statements (in millions):
2018 | 2017 | |
---|---|---|
Net Sales | $ 5,000 | $ 5,060 |
Cost of Goods Sold | 3,900 | 3,690 |
Beginning Inventory | 490 | 410 |
Ending Inventory | 600 | 490 |
Required:
Determine the inventory turnover ratio and average days to sell inventory for 2018 and 2017. (Use 365 days in a year. Round your intermediate and final answers to 1 decimal place.)
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