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  1. business
  2. accounting
  3. the following data were extracted from the income

The following data were extracted from the income statement of Keever Inc.: ...

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Accounting

The following data were extracted from the income statement of Keever Inc.:

Current Year Previous Year
Sales $1,299,400 $1,353,400
Beginning inventories 72,286 79,002
Cost of goods sold 649,700 751,900
Ending inventories 65,486 72,286

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 fill in the blank 1 fill in the blank 2
2. Number of days' sales in inventory fill in the blank 3 days fill in the blank 4 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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