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ventory Analysis he following data were extracted from the income statement of Keever Inc.: Current...

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ventory Analysis he following data were extracted from the income statement of Keever Inc.: Current Year Previous Year Sales $992,800 $1,038,100 Beginning inventories 65,524 65,716 Cost of goods sold 496,400 576,700 Ending inventories 59,324 65,524 . 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 he 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 The inventory turnover has decreased while the number of days' sales in inventor b. The inventory position of the business has deteriorated has increased al Divide the cost of goods sold by the average inventory Average inventory = (Beginning inventory Ending inventory) - 2 22. Divide the average inventory by the average daily cost of goods sold Average inventory (Beginning inventory Ending inventory) - 2. Average dally cost of poods soldest of noods

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