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The following data were extracted from the income statement of Keever Inc.: Current Year Previous Year Sales Beginning inventories Cost of goods sold Ending
The following data were extracted from the income statement of Keever Inc.: Current Year Previous Year Sales Beginning inventories Cost of goods sold Ending inventories $1,080,400 61,656 540,200 55,856 $1,130,000 70,096 627,800 61,656 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 deteriorated inventory has decreased . The inventory turnover has decreased , while the number of days' sales in
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