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Inventory Analysis The following data were extracted from the income statement of Keever Inc.: Current Year Previous Year Sales $18,500,000 $20,000,000 Beginning inventories 940,000 860,000
Inventory Analysis The following data were extracted from the income statement of Keever Inc.: Current Year Previous Year Sales $18,500,000 $20,000,000 Beginning inventories 940,000 860,000 Cost of goods sold 9,270,000 10,800,000 Ending inventories 1,120,000 940,000 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 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 days' sales in inventory has Inventory position. The inventory turnover has while the number of The sales volume has faster than the inventory, resulting in a b. The inventory position of the business has days' sales in inventory has inventory position. Th. The inventory turnover has Nume has faster thar deteriorated improved way b. The inventory position of the business has days' sales in Inventory has Inventory position The inventory turnover has . The sales volume has faste while the number of entory, resulting in a decreased Increased b. The Inventory position of the business has days' sales in inventory has Inventory decreased The inventory turnover has while the number of The sales volume has faster than the inventory, resulting in a increased b. The inventory position of the business has days' sales in Inventory has Inventory position. The inventory turnover has while the number of The sales volume has faster than the inventory, resulting in a declined improved b. The inventory position of the business has days' sales in inventory has inventory position The inventory turnover has while the number of The sales volume has faster than the inventory, resulting in a deteriorating improving
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