Delicious Foods Inc. reported inventory of $5,706 million at the end of its 2023 fiscal year and

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Delicious Foods Inc. reported inventory of $5,706 million at the end of its 2023 fiscal year and $5,310 million at the end of its 2022 fiscal year. It reported cost of goods sold of $35,350 million for the fiscal year 2023 and net sales of $54,365 million for fiscal year 2023. Calculate the company’s inventory turnover and the average days to sell inventory for the fiscal year 2023. Round to two decimal places. If the turnover ratio was six times in 2022, was there an improvement or a deterioration in the company’s ability to turn over inventory in 2023?

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Related Book For  answer-question

Intermediate Accounting Volume 1

ISBN: 9781119740469

13th Canadian Edition

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

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