Roughly how many times has JnJ sold its inventory in FY2022? Calculate inventory turnover ratio for FY2022; if conventional inventory management is not meaningful for the company then state that and explain why.
JOHNSON & JOHNSON AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
At January 1, 2023 and January 2, 2022
(Dollars in Millions Except Share and Per Share Amounts) (Note 1)
2022
2021
Assets
Current assets
 
 
Cash and cash equivalents (Notes 1 and 2)
$
14,127 
14,487 
Marketable securities (Notes 1 and 2)
9,392 
17,121 
Accounts receivable trade, less allowances for doubtful accounts $203 (2021, $230)
16,160 
15,283 
Inventories (Notes 1 and 3)
12,483 
10,387
JnJ sold its inventory 2.7 times in FY2022.
Inventory turnover ratio = Cost of products sold/average inventories = 31,089/((12,483+10,387)/2) = 2.7