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
Chapter1: Financial Statements And Business Decisions
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![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]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
The inventory turnover has
while the
b. The inventory position of the business has
number of days' sales in inventory has](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F56583ca8-4755-43f8-80fa-bdff706cd930%2Fbd307a49-1c20-41e7-bf58-de575d5593b0%2Fjqbqwtc_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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]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
The inventory turnover has
while the
b. The inventory position of the business has
number of days' sales in inventory has
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