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please show work and calculations. thank you! Inventory Analysis The following data were extracted from the income statement of Shriver Inc.: Current Year Prior Year
please show work and calculations. thank you!
Inventory Analysis The following data were extracted from the income statement of Shriver Inc.: Current Year Prior Year Sales $1,255,600 $1,314,000 Beginning inventories 80,168 70,700 Cost of merchandise sold 627,800 730,000 Ending Inventories 72,568 80,168 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 Prior Year 1. Inventory turnover 2. Number of days' sales in Inventory days days b. The inventory position of the business has deteriorated Increased The inventory turnover has decreased while the number of days' sales in Inventory has Eeedback Step by Step Solution
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