The financial statements of ConAgra Foods, Inc.’s 2017 annual report disclose the following information. (in millions) 020170 0 20160  020150 Year-end inventories $934.2 $1,044.1 $1,642.6     Fiscal Year     0 20170  0 20160  Net sales   $7,826.9 $8,664.1 Cost of goods sold   5,484.8 6,234.9 Net income   648.0 (665.9) Instructions Compute ConAgra’s (a) inventory turnover and (b) the average days to sell inventory for 2017 and 2016.

Intermediate Accounting: Reporting And Analysis
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Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
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The financial statements of ConAgra Foods, Inc.’s 2017 annual report disclose the following information.

(in millions)
020170
0 20160 
020150
Year-end inventories
$934.2
$1,044.1
$1,642.6
    Fiscal Year
   
0 20170 
0 20160 
Net sales  
$7,826.9
$8,664.1
Cost of goods sold  
5,484.8
6,234.9
Net income  
648.0
(665.9)

Instructions

Compute ConAgra’s (a) inventory turnover and (b) the average days to sell inventory for 2017 and 2016.

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