1 answer

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

Question:

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

Inventory Analysis The following data were extracted from the income statement of Keever Inc.: Current Year Previous Year Sales $890,600 $932,900 Beginning inventories 61,704 47,914 Cost of goods sold 445,300 518,300 Ending inventories 55,904 61,704 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 2. Number of days' sales in inventory days days

Answers

Current Year Previous Year
Cost of Goods Sold (a) $445,300 $518,300
Average Inventory ([$61,704+$55,904]/2); ([$47,914+$61,704]/2) (b) $58,804 $54,809
Inventory Turnover (a/b) 7.6 9.5
Average Inventory ([$61,704+$55,904]/2); ([$47,914+$61,704]/2) (a) $58,804 $54,809
Cost of Goods Sold (b) $445,300 $518,300
Number of Days in a year (c ) 365 365
Number of days sales in inventory (a / b * c) 48 Days 39 Days
.

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