The following data were extracted from the income statement of Keever Inc.: Current Year Previous Year Sales $1,533,000 $1,603,100 Beginning inventories 91,240 87,316 Cost of goods sold 766,500 890,600 Ending inventories 82,640 91,240 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
The following data were extracted from the income statement of Keever Inc.: Current Year Previous Year Sales $1,533,000 $1,603,100 Beginning inventories 91,240 87,316 Cost of goods sold 766,500 890,600 Ending inventories 82,640 91,240 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
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 | $1,533,000 | $1,603,100 | ||
| Beginning inventories | 91,240 | 87,316 | ||
| Cost of goods sold | 766,500 | 890,600 | ||
| Ending inventories | 82,640 | 91,240 |
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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