Inventory Analysis The following data were extracted from the income statement of Keever Inc.: Current...
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Inventory Analysis The following data were extracted from the income statement of Keever Inc.: Current Year Previous Year Sales $846,800 $880,400 Beginning inventories 54,684 65,454 Cost of goods sold 423,400 489,100 Ending inventories 49,484 54,684 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 The inventory turnover has decreased while the number of b. The inventory position of the business has deteriorated days' sales in inventory has increased
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