The following information is available for The Coca-Cola Company (in U.S. $ millions): 2021 2020 2019...
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The following information is available for The Coca-Cola Company (in U.S. $ millions): 2021 2020 2019 Cost of goods sold $15,357 $13,433 $14,619 Inventories 3,414 3,266 3,379 Current assets 22,545 19,240 20,411 Current liabilities 19,950 14,601 26,973 In the notes to its financial statements, Coca-Cola disclosed that it uses the FIFO and average cost formulas to determine the cost of its inventory. The industry averages for the inventory turnover, days in inventory, and current ratios are as follows: 2021 2020 Inventory turnover 8.1 times 10.1 times Days in inventory 45 days 36 days Current ratio 0.9:1 1.1:1 Calculate Coca-Cola's inventory turnover, days in inventory, and current ratios for 2021 and 2020. (Round inventory turnover and current ratio to 1 decimal place, e.g. 15.2. Round days in inventory to the nearest day, e.g. 15 days. Use 365 days for calculation.) 2021 2020 Inventory Turnover times times Days In Inventory Current Ratio days days :1 :1 The following information is available for The Coca-Cola Company (in U.S. $ millions): 2021 2020 2019 Cost of goods sold $15,357 $13,433 $14,619 Inventories 3,414 3,266 3,379 Current assets 22,545 19,240 20,411 Current liabilities 19,950 14,601 26,973 In the notes to its financial statements, Coca-Cola disclosed that it uses the FIFO and average cost formulas to determine the cost of its inventory. The industry averages for the inventory turnover, days in inventory, and current ratios are as follows: 2021 2020 Inventory turnover 8.1 times 10.1 times Days in inventory 45 days 36 days Current ratio 0.9:1 1.1:1 Calculate Coca-Cola's inventory turnover, days in inventory, and current ratios for 2021 and 2020. (Round inventory turnover and current ratio to 1 decimal place, e.g. 15.2. Round days in inventory to the nearest day, e.g. 15 days. Use 365 days for calculation.) 2021 2020 Inventory Turnover times times Days In Inventory Current Ratio days days :1 :1
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