E6-15 Lewis Incorporated and Clark Enterprises report the following amounts for the year. Clark 50,000...
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E6-15 Lewis Incorporated and Clark Enterprises report the following amounts for the year. Clark 50,000 60,000 235,000 60,000 Lewis Inventory (beginning) 24,000 Inventory (ending) Purchases Purchase returns 18,000 261,000 5,000 Required: 1. Calculate cost of goods sold for each company. 2. Calculate the inventory turnover 3. Calculate the average days in inventory for each company. 4. Explain which company appears to be managing its inventory more efficiently. ratio for each company
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