The following information is available for The Coca-Cola Company (in U.S. $ millions): Cost of goods...

 

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The following information is available for The Coca-Cola Company (in U.S. $ millions): Cost of goods sold Inventories Current assets Current liabilities Inventory turnover Days in inventory Current ratio 2018 $11,770 2.766 30,634 29,223 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: 2018 2017 2018 9.7 times 38 days 2017 $13,255 2,655 36,545 27,194 1.1:1 2017 7.7 times 47 days (a1) Calculate Coca-Cola's inventory turnover, days in inventory, and current ratios for 2018 and 2017. (Round inventory turnover and current ratio to 1 decimal place, e.g. 15.2. Round days in inventory to nearest day.) Inventory Turnover 1.3:1 2016 $16,465 2,675 34,010 26,532 times times Days In Inventory days days Current Ratio :1 The following information is available for The Coca-Cola Company (in U.S. $ millions): Cost of goods sold Inventories Current assets Current liabilities Inventory turnover Days in inventory Current ratio 2018 $11,770 2.766 30,634 29,223 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: 2018 2017 2018 9.7 times 38 days 2017 $13,255 2,655 36,545 27,194 1.1:1 2017 7.7 times 47 days (a1) Calculate Coca-Cola's inventory turnover, days in inventory, and current ratios for 2018 and 2017. (Round inventory turnover and current ratio to 1 decimal place, e.g. 15.2. Round days in inventory to nearest day.) Inventory Turnover 1.3:1 2016 $16,465 2,675 34,010 26,532 times times Days In Inventory days days Current Ratio :1

Answer rating: 100% (QA)

The formula are as follows 1 Inventory Turnover Ratio Inventory TurnoverCOGSAver... View the full answer