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The following data were extracted from the income statement of Keever Inc.: Current Year Previous Year Sales $1,168,000 $1,222,000 Beginning inventories 69,540 70,346 Cost of
The following data were extracted from the income statement of Keever Inc.: Current Year Previous Year Sales $1,168,000 $1,222,000 Beginning inventories 69,540 70,346 Cost of goods sold 584,000 678,900 Ending inventories 62,940 69,540 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 tumover 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
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