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.