The Home Depot, Inc., financial statements appear in Appendix A at the end of this textbook. Using figures from the income statement and balance sheet, answer the following questions:
a. What was the company’s inventory turnover rate for the most recent year reported?
b. Using your answer from part a, what was the average number of days that merchandise remained in inventory before it was sold?
c. Is the company’s operating cycle influenced significantly by its accounts receivable turnover rate? Explain.
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