Aegis Industries Inc., is the biggest snowmobile manufacturer in the world. It reported the following amounts in its financial statements(in millions):2012201320142015Net Sales Revenue$5,000 $4,460 $3,790 $3,3702,970380Cost of Goods Sold4,4303,9403,420Average Inventory500450390Required:1-a. Calculate the inventory turnover ratio for 2015, 2014, and 2013.1-b. Calculate the average days to sell inventory for 2015, 2014, and 2013.2. Is Aegis performing better than its competitor Snow Pack Corporation where the inventory turned over is 7.2 times in 2015 (50.7days to sell). Both companies use the same inventory costing method (FIFO).Complete this question by entering your answers in the tabs below.Req 1AReg 1BReg 2Calculate the inventory turnover ratio for 2015, 2014, and 2013. (Round your answers to 1 decimal place.)Times per Year201520142013Inventory Turnover Ratio

Solution 1-(a). Inventory turnover ratio = cost of goods sold / average inventory 2015 2014…

Answered: Aegis Industries Ic., is the biggest…

Aegis Industries Ic., is the biggest snowmobile manufacturer in the world. It reported the following amounts in its financial statements (in millions):

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.15E

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