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  3. the following data were extracted from the income

The following data were extracted from the income statement of Shriver Inc.: ...

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Accounting

The following data were extracted from the income statement of Shriver Inc.:

Current Year Prior Year
Sales $1,138,800 $1,182,600
Beginning inventories 63,996 60,940
Cost of merchandise sold 569,400 657,000
Ending inventories 57,996 63,996

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 Prior Year
1. Inventory turnover fill in the blank 1 fill in the blank 2
2. Number of days' sales in inventory fill in the blank 3 days fill in the blank 4 days

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