Inventory Analysis

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

	Current Year		Previous Year
Sales	$1,430,800		$1,498,000
Beginning inventories	99,564		87,248
Cost of goods sold	715,400		832,200
Ending inventories	90,164		99,564

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	fill in the blank 1		8.90
2. Number of days' sales in inventory	fill in the blank 3	days	fill in the blank 4	days