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

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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.