Inventory Analysis The following data were extracted from the income statement of Keever Inc.: Current Year Previous Year Sales $1,109,600 $1,156,300 Beginning inventories 85,420 81,076 Cost of goods sold 554,800 642,400 Ending inventories 77,220 85,420 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.

Inventory Analysis The following data were extracted from the income statement of Keever Inc.: Current Year Previous Year Sales $1,109,600 $1,156,300 Beginning inventories 85,420 81,076 Cost of goods sold 554,800 642,400 Ending inventories 77,220 85,420 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 The inventory turnover has while the number of days' sales in inventory has