# 统计代写|金融统计代写Financial Statistics代考|CMSE11086

## 统计代写|金融统计代写Financial Statistics代考|Inventory Turnover Ratio

The second ratio examined is the inventory turnover ratio, which is calculated by dividing the cost of goods sold by the average value of inventory. A high inventory turnover ratio is a sign of efficiency. Both firms had similar median inventory ratios, with JNJ’s being $2.496$ and Merck’s being $2.2285$. JNJ’s mean inventory ratio is 2.659 and Merck’s is $3.589$, showing that their ratios have a slight difference. With Merck’s mean a point higher than its median, this indicates a positive skewness in the data points. JNJ’s mean and median inventory ratio are very similar, showing little skewness in the data. From these central tendency measures, we can conclude that JNJ has been more consistent than Merck with its inventory turnovers.

JNJ had the lowest variance, standard deviation, MAD, and coefficient of variation for this ratio, indicating that its inventory turnover has been less volatile than that of the other firms. A stable inventory turnover ratio makes it easier for managers to plan inventory levels. Merck performed worse compared to JNJ in this instance.

Managers also welcome a negatively skewed distribution because most of the observations are on the high end. Under this criterion, the firms did not fare well because each firm had a positively skewed distribution.

## 统计代写|金融统计代写Financial Statistics代考|Total Debt/Total Asset Ratio

Let’s look more closely at the total debt/total assets ratio (TD/TA). Both JNJ and Merck have relied steadily on debt over the 20-year time period with mean and median ratios in the $40 \%$ range. Both firms remained somewhat constant with slight variations in their debt to asset ratios, ranging anywhere from $.35$ to $.55$, but none ever crossing the $.557$ mark. Both companies had similar means with JNJ and MRK’s means being 448 and $.455$, respectively. Their medians were also, respectively, 448 and $.4725$. With these similarities in ratios, we can see that both Johnson \& Johnson and Merck had similar debt structures in their industries.
We can see that both company’s debt ratios have fluctuated very slightly, with JNJ’s variance of $.0031$ and Merck’s variance .0043. There coefficients of variation are also similar, with JNJ’s being .1246 and Merck’s at .1443. Since Merck’s debt ratio CV is higher, it is implied that Merck’s debt ratio has greater variability, even after we adjust for the mean of each company’s debt ratio. Merck’s superior position can be seen in the percentiles because the firm has the lowest values in all of the percentiles presented.

The net profit margin is one of the most important ratios for managers and shareholders because it reveals what percentage of each sales dollar goes to profits. This ratio, calculated by dividing net income by sales (NI/SAL in Table 4.18), is one measure of a firm’s overall profitability. As can be seen by the mean and median statistics, by this measure of profitability, Merck has been operating much more profitably than the other firms with a mean profit ratio of $0.22$ and a median measure of $.2$. This means that about $22 \%$ of Merck’s income winds up as profits. As can be seen in Fig. $2.20$ of Appendix 3 (Chap. 2), both JNJ and Merck had only positive net profit margins. The highest ratio was $0.470$ in 2009 by Merck and the low was $.075$ by JNJ in 1992 .

## 统计代写|金融统计代写Financial Statistics代考|Total Debt/Total Asset Ratio

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