Determine the inventory turnover ratio and average days

Assignment Help Accounting Basics

Reference no: EM131933500

Problem

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):

	2013		2012
Net Sales	$	5,300	$	5,360
Cost of Goods Sold		4,200		4,050
Beginning Inventory		510		440
Ending Inventory		610		510

Required:

1. Determine the inventory turnover ratio and average days to sell inventory for 2013 and 2012.

Reference no: EM131933500

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