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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 $1,533,000 $1,603,100
Beginning inventories 72,070 102,996
Cost of goods sold 766,500 890,600
Ending inventories 65,270 72,070

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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