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Lewis Incorporated and Clark Enterprises report the following amounts for the year. Inventory (beginning) Inventory (ending) Purchases Purchase returns Required: 1. Calculate cost of goods sold for each company. 2. Calculate the inventory turnover ratio for each company. 3. Calculate the average days in inventory for each company. 4. Which company appears to be managing its inventory more efficiently? Required 1 Required 2 Lewis $14,000 8,000 120,000 5,000 Complete this question by entering your answers in the tabs below. Beginning inventory Cost of goods available for sale Calculate cost of goods sold for each company. Cost of goods sold Clark $40,000 50,000 150,000 50,000 Required 3 Required 4 Lewis

Complete this question by entering your answers in the tabs below. Calculate the average days in inventory for each company. Required: 1. Calculate cost of goods sold for each company. 2. Calculate the inventory turnover ratio for each company. 3. Calculate the average days in inventory for each company. 4. Which company appears to be managing its inventory more efficiently? Complete this question by entering your answers in the tabs below. Calculate the inventory turnover ratio for each company. Complete this question by entering your answers in the tabs below. Which company appears to be managing its inventory more efficiently? Which company appears to be managing its inventory more efficiently? Lewis Incorporated and Clark Enterprises report the following amounts for the year. Required: 1. Calculate cost of goods sold for each company. 2. Calculate the inventory turnover ratio for each company. 3. Calculate the average days in inventory for each company. 4. Which company appears to be managing its inventory more efficiently? Complete this question by entering your answers in the tabs below. Calculate cost of goods sold for each company

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