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

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Inventory Analysis The following data were extracted from the income statement of Shriver Inc.: Prior Year Sales Beginning inventories Cost of merchandise sold Ending inventories Current Year $861,400 $893,500 48,320 43,120 430,700 496,400 43,720 48,320 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. 1. Inventory turnover 2. Number of days' sales in inventory b. The inventory turnover has decreased declined Current Year 9.4 33.7 days Prior Year 10.9 39.1 days while the number of days' sales in inventory has increased faster than the inventory, resulting in a deteriorating inventory position. The sales volume has Inventory Analysis The following data were extracted from the income statement of Shriver Inc.: Prior Year Sales Beginning inventories Cost of merchandise sold Ending inventories Current Year $861,400 $893,500 48,320 43,120 430,700 496,400 43,720 48,320 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. 1. Inventory turnover 2. Number of days' sales in inventory b. The inventory turnover has decreased declined Current Year 9.4 33.7 days Prior Year 10.9 39.1 days while the number of days' sales in inventory has increased faster than the inventory, resulting in a deteriorating inventory position. The sales volume has