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Assignment - Inventory Analysis Question
The following data were extracted from the income statement of Keever Inc.:
Current Year
Previous Year
Sales
$890,600
$932,900
Beginning inventories
64,100
44,196
Cost of goods sold
445,300
518,300
Ending inventories
57,900
Required - 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.
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