The financial statements of Concord, Inc's. 2025 annual report disclose the following information: (in millions) May 24, 2025 May 25, 2024 May 26, 2023 Inventories $230 $260 $220 Sales Cost of goods sold Net income (a) (b) Fiscal Year 2025 $3,600 1,300 330 Inventory turnover 2024 $3,500 Compute Concord's (a) inventory turnover and (b) the average days to sell inventory for 2025 and 2024. (Round inventory turnover to 2 decimal places, e.g. 7.63 and average days to sell inventory to 1 decimal place, e.g. 65.1.) 1,300 300 Average days to sell inventory 2025 5.3 68.9 times days 2024 5.4 67.6 times days
The financial statements of Concord, Inc's. 2025 annual report disclose the following information: (in millions) May 24, 2025 May 25, 2024 May 26, 2023 Inventories $230 $260 $220 Sales Cost of goods sold Net income (a) (b) Fiscal Year 2025 $3,600 1,300 330 Inventory turnover 2024 $3,500 Compute Concord's (a) inventory turnover and (b) the average days to sell inventory for 2025 and 2024. (Round inventory turnover to 2 decimal places, e.g. 7.63 and average days to sell inventory to 1 decimal place, e.g. 65.1.) 1,300 300 Average days to sell inventory 2025 5.3 68.9 times days 2024 5.4 67.6 times days
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 38BE: Inventory Analysis Callahan Company reported the following information for the current year....
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