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

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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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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