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M6-15. Computing and Evaluating Inventory Turnover for Two Companies Abercrombie & Fitch Co. (ANF) and TJX Companies Inc. (TJX) report the following information in their respective January 2016 10-K reports relating to their 2015 and 2014 fiscal years. Abercrombie & Fitch TJX Companies Cost of Goods Sold Inventories Cost of $ millions Sales Goods Sold Inventories Sales 2015. . . . . . $3,519 $1,361 $437 $30,945 $22,035 $3,695 2014...... 3,744 1,430 461 29,078 20,777 3,218 a.Compute the 2015 inventory turnover for each of these two retailers. b. Discuss any difference you observe in inventory turnover between these two companies. Does the difference confirm your expectations given their respective business models? Explain. (Hint: ANF is a higher-end retailer and TJX sells more value-priced clothing.) c. Describe ways that a retailer can improve its inventory turnover. Abercrombie & Fitch TJX Companies $ millions Sales 2015......... $3,519 2014......... 3,744 Cost of Goods Sold Inventories $1,361 $437 1,430 461 Sales $30,945 29,078 Cost of Goods Sold $22,035 20,777 Inventories $3,695 3,218