Exercise 5-16 Inventory Turnover for Nordstrom The following amounts are available from the 2011…


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Exercise 5-16 Inventory Turnover for Nordstrom The following amounts are available from the 2011… 1 answer below » Exercise 5-16 Inventory Turnover for Nordstrom The following amounts are available from the 2011 financial statements in the Form 10-K for Nordstrom, Inc., the fashion retailer. (All amounts are in millions of dollars and January 28, 2012, is the end of the company’s 2011 fiscal year.) Cost of sales and related buying and occupancy costs                    $6,592 Merchandise inventories, January 28, 2012               & View complete question » Exercise 5-16 Inventory Turnover for Nordstrom The following amounts are available from the 2011 financial statements in the Form 10-K for Nordstrom, Inc., the fashion retailer. (All amounts are in millions of dollars and January 28, 2012, is the end of the company’s 2011 fiscal year.) Cost of sales and related buying and occupancy costs                    $6,592 Merchandise inventories, January 28, 2012                                                                                                  1,148 Merchandise inventories, January 29, 2011                                           977 LO3 EXAMPLE 5-8 LO10 Required 1.        Compute Nordstrom’s inventory turnover ratio for 2011. 2.        What is the average length of time it takes to sell an item of inventory? Explain your answer. 3.        Do you think the average length of time it took Nordstrom to sell inventory in 2011 is rea- sonable? What other information do you need to fully answer that question? View less » Jan 29 2016 12:14 PM

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