Chapter 07
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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 $4,700 $4,760
Cost of Goods Sold 3,600 3,510
Beginning Inventory 460 430
Ending Inventory 590 460
Required:
1. 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 Ratio times per year times per year
Days to Sell days days