Target Corporation reported the following information in a recent Form 10-K. Consolidated Statement of Operations ($ millions) FY 2016 Cost of sales $67,596 Consolidated Statement of Financial Position ($ millions) FY 2016 FY 2015 Inventory $10,321 $8,282 What is the (a) inventory turnover ratio, and (b) average days in inventory, for the fiscal year ended January 30, 2016?

See explanation

Explanation:

a. inventory turnover ratio

This will be calculated as:

= Sales cost / Average inventory

= $67,596 / $9301.50

= 7.2672

= 7.27

(b) average days in inventory.

This will be calculated as:

= 365 days / Inventory turnover ratio

= 365 / 7.27

= 50.20

= 50 days

Note:

Average inventory = ($10,321 + $8,282) / 2 = $9301.50

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