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Exercise 5-16 Inventory Turnover for Nordstrom The following amounts are available from the 2010 annual...

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Exercise 5-16 Inventory Turnover for Nordstrom The following amounts are available from the 2010 annual report of Nordstrom, Inc., the fashion retailer. All amounts are in millions of dollars and January 29, 2011, is the end of the company's 2010 fiscal year. Cost of sales and related buying and occupancy costs $5,897 Merchandise inventories, January 29, 2011 977 Merchandise inventories, January 30,2010 898 Required: The inventory turnover ratio for 2010 is times and the average length of time it takes to sell an item of inventory is . This is computed by takingand dividing it by. To determine if this is a reasonable amount of time to sell inventory in 2010, you should compare this toand

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