The following data were extracted from the income statement of Keever Inc.:Current YearPrevious YearSales$919,800$959,200Beginning inventories64,46254,430Cost of goods sold459,900532,900Ending inventories58,26264,462a. 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 YearPrevious Year1. Inventory turnover   2. Number of days' sales in inventory days days

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Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.