Inventory Analysis

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

Current YearPrevious YearSales$1,095,000$1,143,200Beginning inventories62,85060,472Cost of goods sold547,500635,100Ending inventories56,85062,850

a.Determine for each year (1) theinventory turnoverand (2) thenumber 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 YearPrevious Year1.Inventory turnover2.Number of days' sales in inventorydaysdays

b.The inventory position of the business hasdeteriorated

. The inventory turnover hasdecreased

, while the number of days' sales in inventory hasincreased

.Can someone please explain how you get to the answer and the work please. Thanks.

Inventory Analysis The following data were extracted from the income statement of Keever Inc.: Current Year Previous Year Sales $1,095,000 $1,143,200 Beginning inventories 62,850 60,472 Cost of goods sold 547,500 635,100 Ending inventories 56,850 62,850 3. 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 nal answers to one decimal place. Assume 365 days a year. :[:] :]:] b. The inventory position of the business has V . The inventory turnover has 7 , while the number of days' sales in inventory has v . 1. Inventory turnover 2. Number of days' sales in inventory days days