Business, 11.02.2020 22:56, malissa0325

Inventory Analysis
The following data were extracted from the income statement of Keever Inc.:
Current Year Previous Year
Sales $18,500,000 $20,000,000
Beginning inventories 940,000 860,000
Cost of goods sold 9,270,000 10,800,000
Ending inventories 1,120,000 940,000
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 final answers to one decimal place. Assume 365 days a year.
Current Year Previous Year
1. Inventory turnover
2. Number of days' sales
in inventory days days
b. The inventory position of the business has deteriorated . The inventory turnover has decreased , while the number of days' sales in inventory has increased . The sales volume has declined faster than the inventory, resulting in a deteriorating inventory position.

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Inventory Analysis
The following data were extracted from the income statement of Keever Inc.:...