Enventory 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 $1,022,000 69,240 511,000 62,640 $1,064,300 53,072 591,300 69,240 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. 1. Inventory turnover Current Year Previous Year 2. Number of days' sales in inventory days days b. The inventory position of the business has deteriorated The inventory turnover has decreased - while the number of days sales in inventory has increased Feedback Check My Work a.1. Divide the cost of goods sold by the average inventory. Average inventory (Beginning inventory Ending inventory)-2 a.2. Divide the average inventory by the average daily cost of goods sold. Average inventory (Beginning inventory Ending inventory)+2. Average daily cost of ooods sold cost of goods 365 days Check My Work