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
$846,800
$880,400
Beginning inventories
63,784
44,474
Cost of goods sold
423,400
489,100
Ending inventories
57,784
63,784
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
d
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