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 81,020   61,474   Cost of goods sold 584,000   678,900   Ending inventories 73,220   81,020   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 fill in the blank 1   fill in the blank 2   2.  Number of days' sales in inventory fill in the blank 3 days fill in the blank 4 days

Question

Inventory Analysis

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 81,020   61,474  
Cost of goods sold 584,000   678,900  
Ending inventories 73,220   81,020  

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 fill in the blank 1   fill in the blank 2  
2.  Number of days' sales in inventory fill in the blank 3 days fill in the blank 4 days

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