(Analysis of Inventories) The financial statements of General Mills, Inc.’s 2010 annual report disclose the following information.
|
(in millions) |
30 May 10 |
31 May 09 |
25 May 08 |
|
Inventories |
$1,344 |
$1,347 |
$1,367 |
|
Fiscal Year |
|||
|
2010 |
2009 |
||
|
Sales |
$14,797 |
$14,691 |
|
|
Cost of goods sold |
8,923 |
9,458 |
|
|
Net income |
1,535 |
1,314 |
|
Instructions
Compute General Mills’s (a) inventory turnover and (b) the average days to sell inventory for 2010 and 2009.