Inventory Analysis The following data were extracted from the income statement of Keever Inc.: Current Year Previous Year Sales $1,430,800 $1,498,000 Beginning inventories 65,624 97,976 Cost of goods sold 715,400 832,200 Ending inventories 59,424 65,624 a. Determine for each vear (1) the inventory turnover and (2) the number of days' sales in inventory. Round interim caltulations to t 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 The inventory turnover has while the number of days' sales in inventory has

Inventory Analysis The following data were extracted from the income statement of Keever Inc.: Current Year Previous Year Sales $1,430,800 $1,498,000 Beginning inventories 65,624 97,976 Cost of goods sold 715,400 832,200 Ending inventories 59,424 65,624 a. Determine for each vear (1) the inventory turnover and (2) the number of days' sales in inventory. Round interim caltulations to t 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 The inventory turnover has while the number of days' sales in inventory 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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