Danaher Corporation manufactures a variety of products, including electronic measurement instruments and network communications products, water quality measurement systems, and medical and dental instruments. Selected financial statement data and related performance indicators follow.

Required:
How well did Danaher manage its inventories over the three-yearperiod?

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Danaher Corporation ($ in thousonds) Sales Cost of goods sold Average inventory Selected performance measures: 2009 2010 2011 $11,184,938 5,904,718 1,067,663 $13,202,602 6,575,812 1,109,084 S16,090,540 7,913,876 1,473,488 Gross profit (%) Inventory turnover ratio 47.2% 5.53 50.2% 5.93 50.8% 5.37