The following data were extracted from the income statement of Keever Inc.: Current Year Sales Beginning inventories Cost of goods sold Ending inventories Previous Year $1,036,600 $1,077,500 46,646 75,892 518,300 598,600 42,246 46,646 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. 1. Inventory turnover 2. Number of days' sales in inventory. b. The inventory position of the business has improved has decreased Current Year Previous Year 11.7 31.3 days 37 days The inventory turnover has increased 9.8 while the number of days' sales in inventory

The following data were extracted from the income statement of Keever Inc.: Current Year Sales Beginning inventories Cost of goods sold Ending inventories Previous Year $1,036,600 $1,077,500 46,646 75,892 518,300 598,600 42,246 46,646 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. 1. Inventory turnover 2. Number of days' sales in inventory. b. The inventory position of the business has improved has decreased Current Year Previous Year 11.7 31.3 days 37 days The inventory turnover has increased 9.8 while the number of days' sales in inventory

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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