Inventory Analysis

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

	Current Year		Previous Year
Sales	$1,299,400		$1,353,400
Beginning inventories	87,048		98,208
Cost of goods sold	649,700		751,900
Ending inventories	78,848		87,048

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