Thomas Tones Incorporated was founded with the mission of filling every home with music. The...
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Accounting
Thomas Tones Incorporated was founded with the mission of filling every home with music. The company reported the following amounts in its financial statements (in millions): 2018 2017 Net Sales $ 5,000 $ 5,060 Cost of Goods Sold 3,900 3,690 Beginning Inventory 490 410 Ending Inventory 600 490 Required: Determine the inventory turnover ratio and average days to sell inventory for 2018 and 2017. (Use 365 days in a year. Round your intermediate and final answers to 1 decimal place.)
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