Haymitch Global Industries is a world leading producer of loudspeakers and other electronics products, which are sold under bran
d names like JRH, Excelsior, and Haymitch/Krug. The company reported the following amounts in its financial statements (in millions): 2016 2015 Net Sales $ 5,100 $ 5,160 Cost of Goods Sold 4,000 3,810 Beginning Inventory 500 420 Ending Inventory 600 500 Required: Determine the inventory turnover ratio and average days to sell inventory for 2016 and 2015. (Use 365 days in a year. Round your intermediate and final answers to 1 decimal place.)
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Answer for the question:
Haymitch Global Industries is a world leading producer of loudspeakers and other electronics products, which are sold under brand names like JRH, Excelsior, and Haymitch/Krug. The company reported the following amounts in its financial statements (in millions): 2016 2015 Net Sales $ 5,100 $ 5,160 Cost of Goods Sold 4,000 3,810 Beginning Inventory 500 420 Ending Inventory 600 500 Required: Determine the inventory turnover ratio and average days to sell inventory for 2016 and 2015. (Use 365 days in a year. Round your intermediate and final answers to 1 decimal place.)
is explained in the attachment.
Explanation:
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Answer:
Demand drops to zero
Explanation:
Infinite elasticity of demand is also called perfect elasticity of demand.
In this scenario the demand for a product is attached to it's price.
There is an infinite change in the quantity demanded as a result of change in price.
Graphically it is a horizontal demand curve as represented in the attached
Even a small increase in price will cause demand to fall to zero.
Examples are luxury goods such as high end cars and expensive jewelry.
