Delicious Foods Inc. reported inventory of $5,706 million at the end of its 2020 fiscal year and

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Delicious Foods Inc. reported inventory of $5,706 million at the end of its 2020 fiscal year and $5,310 million at the end of its 2019 fiscal year. It reported cost of goods sold of $35,350 million for the fiscal year 2020 and net sales of $54,365 million for fiscal year 2020. Calculate the company’s inventory turnover and the average days to sell inventory for the fiscal year 2020. Round to two decimal places. If the turnover ratio was 6 times in 2019, was there an improvement or a deterioration in the company’s ability to turn over inventory in 2020?

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Related Book For  answer-question

Intermediate Accounting Volume 1

ISBN: 978-1119496496

12th Canadian edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy

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