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 $ 6,000 $ 6,060
Cost of Goods Sold 4,900 4,700
Beginning Inventory 550 470
Ending Inventory 660 550
Required:
Determine the inventory turnover ratio and average days to sell inventory for 2013 and 2012. (Use 365 days in a year. Round your intermediate and final answers to 1 decimal place.)
2013 2012
Inventory Turnover Ratiotimes per yeartimes per year
Days to Selldaysdays
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