Question: The financial statements of ConAgra Foods, Inc.'s 2014 annual report disclose the following information.
| (in millions) |
|
2014
|
|
2013
|
|
2012
|
| Year-end inventories |
|
$2,201 |
|
$2,077 |
|
$2,341 |
|
|
|
|
Fiscal Year
|
|
|
|
|
2014
|
|
2013
|
| Net sales |
|
|
|
$17,703 |
|
$15,427 |
| Cost of goods sold |
|
|
|
13,980 |
|
11,864 |
| Net income |
|
|
|
315 |
|
786 |
Compute ConAgra's
(a) inventory turnover and
(b) the average days to sell inventory for 2014 and 2013. (Round inventory turnover to 1 decimal place, e.g. 7.6 and average days to sell inventory to 0 decimal places, e.g. 65.)
|
|
|
|
2014
|
|
2013
|
| (a) |
|
Inventory turnover |
|
|
times |
|
|
times |
| (b) |
|
Average days to sell inventory |
|
|
days |
|
|
days |