The following data were extracted from the income statement of Keever Inc.:   Current Year Previous Year Sales $1,518,400   $1,589,900   Beginning inventories 88,856   81,230   Cost of goods sold 759,200   883,300   Ending inventories 80,456   88,856   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

Q: Selected current year-end financial statements of Genesis Corporation follow. All sales were on…

A: A series of high-level reports that describe a company's monetary performance, financial position,…

Q: To measure inventory management performance, a company monitors its inventory turnover ratio. Listed…

A: The Inventory Turnover Ratio is a financial metric that measures how many times a company's…

Q: Based on the following data for the current year, what is the number of days' sales in inventory?…

A: Inventory turnover ratio is a ratio which determines how efficiently and effectively the inventory…

Q: Net sales are $80,000, cost of goods sold is $30,000, net income is $35,000, inventory is $15,000 at…

A: Inventory turnover ratio computes the number of days the company will take to sell the inventory in…

Q: The following data were extracted from the income statement of Shriver Inc.: Current Year Prior Year…

A: DIO( Days Inventory Outstanding)=(Avg Inventory/COGS)*No of days

Q: Based on the following data for the current year, what is the number of days' sales in inventory…

A: Average Inventory = (Inventory, beginning of year + Inventory, end of year) / 2 Average Inventory =…

Q: A company reports the following:   Cost of goods sold $4,788,800   Average inventory 292,000 Round…

A: Inventory turnover = Cost of goods sold / Average inventory where, Average inventory  = (Beginning…

Q: Based on the following data for the current year, what is the number of days' sales in inventory?…

A: Days sales in inventory = 365/(cost of goods sold/Average inventory)  Average inventory = (Opening…

Q: Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows:   Current…

A: Example of calculation: Cost of goods sold Percent = (Cost of goods sold / Sales)*100 = (…

Q: Complete the balance sheet and sales information using the following financial data: Total assets…

A: A ratio is the relationship between one value and another. It is an expression relating to one…

Q: tal assets turnover: 1x ays sales outstanding: 73.0 days ventory turnover ratio: 3.75x xed assets…

A: Financial ratios are calculated to determine the financial position of an entity. It is very…

Q: GREEN Enterprises reported the following information for the current year: Inventory, January 1 -…

A: solution given Inventory, January 1 - P2,300,000  Purchases - 27,105,000 Purchase returns and…

Q: Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows:…

A: Comparative Income Statement of the business compares income and expenses of the business of two…

Q: Compute the average days in inventory rounded to the nearest whole day based on the following data:

A: Average days in inventory is calculated to how quickly a company can convert its inventory into…

Q: Fanning Company reported the following operating results for two consecutive years: Required Compute…

A: Please comment down for any doubt. I hope my answer helps you.

Q: A company reports the following: Cost of goods sold Average inventory Determine (a) the inventory…

A: Inventory turnover and number of days sales in inventory are two important financial metrics used by…

Q: Based on the information given in picture #1, complete the following ratios for the last TWO  years…

A: Ratio - It is the comparison between two or more financial parameter to each other for analyzing the…

Q: A company reports the following: Cost of goods sold $585,825 Average inventory 78,110…

A: Inventory turnover ratio: This is a financial measure that is used to evaluate as to how many times…

Q: Compute common-size percent for the following comparative income statements (round percent to one…

A: Common size statement: It implies to a form of interpretation and analysis of the company's…

Q: Consider the following income statement data from the Ross Company: Current Year Prior Year $962,500…

A: Comparative financial statement means where the difference is taken between the figure of two years…

Q: Anthony Corporation reported the following amounts for the year: Net sales Cost of goods sold…

A: DAYS SALES IN INVENTORY Days Sales in Inventory is the ratio between 365 Days & Inventory…

Q: A company reports the following: Cost of merchandise sold $207,320 Average merchandise inventory…

A: · Ratio analysis used to identify the business performance of the company.· It is used to measure…

Q: For 20Y2, McDade Company reported a decline in net income. At the end of the year, T. Burrows, the…

A: Horizontal analysis means to compare the financial position of an entity's current year with its…

Q: The following information relates to Pharoah Kitchen Ltd's inventory transactions during the month…

A: Weighted-average method :Under the weighted-average method, to calculate a weighted average price…

Q: Compute Altoona Company's (a) inventory turnover ratio and (b) number of days' sales in inventory…

A: Inventory turnover ratio (ITR) is a financial ratio that indicates how many times a company's…

Q: Lewis Incorporated and Clark Enterprises report the following amounts for the year. Inventory…

A: 1:  Lewis:Cost of goods sold: $266,200 Clark:Cost of goods sold: $173,600  2: Lewis: Inventory…

Q: Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current…

A: Preparation of comparative income statement with other requirement are as follows.

Q: Based on the following data for the current year, what is the inventory turnover (rounded to one…

A: The inventory turnover ratio indicates the number of times inventory turns to sales. It can be…

Q: A company reports the following:   Cost of goods sold $3,960,250   Average inventory 255,500 Round…

A: Inventory Turnover = Cost of goods sold/ Average Inventory Number of days sales in Inventory =…

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.