nventory Analysis The following data were extracted from the income statement of Keever Inc.: Current Year Previous Year Sales $1,109,600 $1,156,300 Beginning inventories 79,496 62,008 Cost of goods sold 554,800 642,400 Ending inventories 71,896 79,496 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 b. The inventory position of the business has . The inventory turnover has , while the number of days' sales in inventory has .
nventory Analysis The following data were extracted from the income statement of Keever Inc.: Current Year Previous Year Sales $1,109,600 $1,156,300 Beginning inventories 79,496 62,008 Cost of goods sold 554,800 642,400 Ending inventories 71,896 79,496 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 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
Section: Chapter Questions
Problem 1Q
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Inventory Analysis
The following data were extracted from the income statement of Keever Inc.:
| Current Year | Previous Year | |||
| Sales | $1,109,600 | $1,156,300 | ||
| Beginning inventories | 79,496 | 62,008 | ||
| Cost of goods sold | 554,800 | 642,400 | ||
| Ending inventories | 71,896 | 79,496 |
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 |
b. The inventory position of the business has . The inventory turnover has , while the number of days' sales in inventory has .
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