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

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Accounting

Inventory Analysis The following data were extracted from the income statement of Keever Inc.: Previous Year Sales Beginning inventories Cost of goods sold Ending inventories Current Year $1,372,400 101,244 686,200 91,644 $1,432,300 73,824 795,700 101,244 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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