The following data were taken from the income statements of Imhoff Company.

2014 2013 Sales revenue $6,420,000 $6,240,000 Beginning inventory 960,000 840,000 Purchases 4,840,000 4,661,000 Ending inventory 1,020,000 960,000 Compute for each year

(a) the inventory turnover and

(b) days in inventory. What conclusions concerning the management of the inventory can be drawn from these data?

AppendixLO1