Inventory Analysis The following data were extracted from the income statement of Keever Inc.: Current Year Previous Year $18,500,000 $20,000,000 940,000 860,000 9,270,000 10,800,000 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 Sales Beginning inventories Cost of goods sold Ending inventories 1. Inventory turnover 2. Number of days' sales in inventory b. The inventory position of the business has faster than the inventory, resulting in a days . The inventory turnover has inventory position. days. , while the number of days' sales in inventory has The sales volume has
Inventory Analysis The following data were extracted from the income statement of Keever Inc.: Current Year Previous Year $18,500,000 $20,000,000 940,000 860,000 9,270,000 10,800,000 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 Sales Beginning inventories Cost of goods sold Ending inventories 1. Inventory turnover 2. Number of days' sales in inventory b. The inventory position of the business has faster than the inventory, resulting in a days . The inventory turnover has inventory position. days. , while the number of days' sales in inventory has The sales volume has
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter16: Financial Statement Analysis
Section: Chapter Questions
Problem 11E
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