In its 2012 annual report, Gap Inc. reported inventory of $1,615 million on Janu

Question

In its 2012 annual report, Gap Inc. reported inventory of $1,615 million on January 25, 2012, and $1,620 million on January 29, 2011, cost of sales of $9,275 million for fiscal year 2012, and net sales of $14,549 million. In its 2012 annual report, Gap Inc. reported inventory of $1,615 million on January 25, 2012, and $1,620 million on January 29, 2011, cost of sales of $9,275 million for fiscal year 2012, and net sales of $14,549 million. Compute Gap’s inventory turnover for the fiscal year 2012

Explanation / Answer

Gaps Inventory Turnover =

5.73 times

$9275

($1620+$1615)/2

2

Inventory Turnover = Cost of goods sold Average Inventory Average Inventory = ( Opening +Closing)

Gaps Inventory Turnover =

5.73 times

$9275

($1620+$1615)/2

2

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