Exercise 9-23 The financial statements of ConAgra Foods, Inc. ’s 2014 annual rep

Question

Exercise 9-23

The financial statements of ConAgra Foods, Inc.’s 2014 annual report disclose the following information.

2014

2013

2012

Fiscal Year

2014

2013

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

(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

Explanation / Answer

Answer to A

Answer to B

Particulars 2014 2013 Cost of Goods Sold (A) 13980 11864 Opening Inventory (B) 2077 2341 Closing Inventory (C ) 2201 2077 Average Inventory (D =(B+C)/2) 2139 2209 Inventory Turnover (A/D)             6.5             5.4

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