Inventory Analysis The following data were extracted from the income statement of Keever Inc.: ...
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Accounting
Inventory Analysis
The following data were extracted from the income statement of Keever Inc.:
Current Year Previous Year Sales $1,226,400 $1,274,600 Beginning inventories 86,924 56,886 Cost of goods sold 613,200 708,100 Ending inventories 78,724 86,924
a. Determine for each year (1) the inventory turnover and (2) the number of days' sales in inventory. Round interim calculations to the nearest dollar and the final answers to one decimal place. Assume 365 days a year.
Current Year Previous Year 1. Inventory turnover 2. Number of days' sales in inventory days days
b. The inventory position of the business has . The inventory turnover has , while the number of days' sales in inventory has .
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