Problem 1216 Part Level Submission The following information

Problem 12-16 (Part Level Submission) The following information (in $ millions) was taken from the recent annual reports of two companies. Cost of goods sold Average inventory Company A $28,821 $2,617 Company B $24,140 $5,358 (a1) Calculate each company\'s inventory turnover. (Round answers to 1 decimal place, e.g. 2.5.) Company A Company B Inventory turnover times times

Solution

12-16. a1.

12-17 a

	Company A	Company B
Inventory turnover = Cost of goods sold / average inventory	11.01	4.51