Question: (Appendix) INVENTORY TURNOVER. A recent annual report for The Limited shows cost of goods sold for the year of approximately $5,286 million and average inventory

(Appendix) INVENTORY TURNOVER. A recent annual report for The Limited shows cost of goods sold for the year of approximately $5,286 million and average inventory of approximately $769 million during the year.

REQUIRED:

1. Calculate The Limited’s inventory turnover.

2. Assuming a 365-day year, how many days, on average, does merchandise spend in inventory before it is sold? LO9

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