Exercise 9-23 The financial statements of ConAgra Foods, Inc.’s 2014 annual report disclose the… 1 answer below »

Exercise 9-23

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

 

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