Inventory Analysis The following data were extracted from the income statement of Keever Inc.: Current Year Previous Year Sales $934,400 $972,400 Beginning inventories 42,320 57,012 Cost of goods sold 467,200 540,200 Ending inventories 38,320 42,320 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 b. The inventory position of the business has improved The inventory turnover has increased while the number of days' sales in inventory has decreased Feedback