Cutting Edge Technologies Reported the Following Information in Their 2010

Essay

Cutting Edge Technologies reported the following information in their 2010 annual report:
$\begin{array}{lr}& \text {In millions}\\\text { Net sales revenue } & \$ 18,860 \\\text { Cost of sales } & 11,010 \\\text { December } 31,2010 \text { inventory } & 1,840 \\\text { December } 31,2011 \text { inventory } & 1,550\end{array}$ 1.Determine the inventory turnover ratio.
2.Determine the average days to sell inventory.
3.Explain the meaning of each number.