Cutting Edge Technologies Reported the Following Information in Its 2016

question 12

Essay

Cutting Edge Technologies reported the following information in its 2016 annual report: Required:
1. Determine the inventory turnover ratio. (Round your answer to two decimal places.)
2. Determine the average days to sell inventory. (Round your answer to a whole number.)
3. Explain the meaning of each ratio.

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Definitions:

President Ford

Gerald Ford became the 38th President of the United States, serving from 1974 to 1977, following the resignation of Richard Nixon.

President Carter

Refers to James Earl Carter Jr., the 39th President of the United States, serving from 1977 to 1981, known for his emphasis on peace, human rights, and environmental issues.

Saddam Hussein

The fifth President of Iraq, serving from 1979 to 2003, who led the country during the Iran-Iraq War and the Gulf War before being deposed by a U.S.-led coalition.

United States Government

The federal government of the United States, composed of three branches: legislative, executive, and judicial.