Brief Exercise 9-11 In its 2015 annual report, Gap Inc. reported inventory of $1

Question

Brief Exercise 9-11 In its 2015 annual report, Gap Inc. reported inventory of $1,889 million on January 31, 2015, and $1,928 million on February 1, 2014, cost of goods sold of $10,146 millon for 2015, and net sales of $16,435 million Compute Gap's inventory turnover for the fiscal year 2015. (Round answer to 2 decimal places, e.g. 7.62.) Inventory turnover times LINK TO TEXT Compute Gap's average days to sell inventory for the fiscal year 2015. (Round answer to 1 decimal place, e.g. 7.6.) Average days to sell inventory days

Explanation / Answer

Inventory Turnover 5.32 times Inventory Turnover Cost of goods sold / average inventory 10146 / (1889+1928)/2                                                                                          5.32 Average days to sell inventory 365 / 5.32   = 68.61 days

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