Solution-Determine for each year the inventory turnover

Determine for each year the inventory turnover

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Reference no: EM132758038

Problem - 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

Required -

a. Determine for each year (1) the inventory turnover and Round to the nearest dollar and one decimal place.

a. Determine for each year (2) the number of days' sales in inventory. Round to the nearest dollar and one decimal place.

b. What conclusions can be drawn from these data concerning the inventories?

Reference no: EM132758038

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Determine for each year the inventory turnover

Reference no: EM132758038

Reference no: EM132758038

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