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The following data were extracted from the income statement of Keever Inc.: Current Year Previous Year Sales $1,445,400 $1,511,100 Beginning inventories 85,874 108,950 Cost of
The following data were extracted from the income statement of Keever Inc.: Current Year Previous Year Sales $1,445,400 $1,511,100 Beginning inventories 85,874 108,950 Cost of goods sold 722,700 839,500 Ending inventories 77,674 85,874 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
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