Refer to CVS’s financial statements in the Supplement to Chapter 5 and to the following data for Walgreens: XXXXXXXXXXCost of goods sold $42,391 $38,518 $34,240 Accounts payable 4,289 3,734 4,039...

Refer to CVS’s financial statements in the Supplement to Chapter 5 and to the following data for Walgreens: 2008 2007 2006 Cost of goods sold $42,391 $38,518 $34,240 Accounts payable 4,289 3,734 4,039 Increase in merchandise inventories 412 676 376 Compute the payables turnover and days’ payable for CVS and Walgreens for the past two years. In 2006, CVS had accounts payable of $3,411.6 million, and its merchandise inventory increased by $448.0 in 2007. Which company do you think makes the most use of creditors for financing the needs of the operating cycle? Has the trend changed?