Question: Computing Inventory Ratios Target Corporation reported the following information in a recent Form 10-K. Consolidated Statement of Operations ($ millions) FY 2016 Cost of sales

Computing Inventory Ratios

Target Corporation reported the following information in a recent Form 10-K.

Consolidated Statement of Operations

($ millions)

 FY 2016
Cost of sales $62,396

Consolidated Statement of Financial Position

($ millions)

 FY 2016 FY 2015
Inventory $7,741 $8,282

What is the (a) inventory turnover ratio, and (b) average days in inventory, for the fiscal year ended January 30, 2016?

  • Enter the answer rounded to two digits after the decimal; for example, enter 1.42 for 1.424, or 1.43 for 1.425.
a. Inventory turnover ratio
b. Average days in inventory

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