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
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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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