Lewis Incorporated and Clark Enterprises report the following amounts for the year. Required: 1. Calculate cost of
Question:
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. Explain which company appears to be managing its inventory more efficiently.
Inventory Turnover RatioInventory Turnover RatioThe inventory turnover ratio is a ratio of cost of goods sold to its average inventory. It is measured in times with respect to the cost of goods sold in a year normally. Inventory Turnover Ratio FormulaWhere,...
Transcribed Image Text:
Lewis Clark Inventory (beginning) Inventory (ending) Purchases Purchase returns $ 24,000 $ 50,000 18,000 261,000 60,000 235,000 15,000 60,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 80% (10 reviews)
Requirement 1 Lewis Clark Beginning inventory 24000 50000 Add Purchases 261...View the full answer
Answered By
Ashington Waweru
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Financial Accounting
ISBN: 978-1259914898
5th edition
Authors: David Spiceland, Wayne M. Thomas, Don Herrmann
Question Posted:
Students also viewed these Business questions
-
Lewis Incorporated and Clark Enterprises report the following amounts for 2015. Required: 1. Calculate cost of goods sold for each company. 2. Calculate the inventory turnover ratio for each company....
-
Lewis Incorporated and Clark Enterprises report the following amounts for 2012. ____________________________________Lewis Clark Inventory (beginning)..........................$ 14,000.......$ 40,000...
-
Lewis Incorporated and Clark Enterprises report the following amounts for 2015. Required: 1. Calculate cost of goods sold for each company. 2. Calculate the inventory turnover ratio for each company....
-
A strain of E-coli Beu 397-recA441 is placed into a nutrient broth at 30° Celsius and allowed to grow. The data shown in the table are collected. The population is measured in grams and the time...
-
Explain why logging metadata updates ensures recovery of a file system after a file system crash.
-
Following the idea suggested in Exercise 26, let m and n be relatively prime positive integers. Show that if there are (up to isomorphism) r abelian groups of order m ands of order n, then there are...
-
You are appointed to participate on a time efficiency team. The team includes factory workers, Supervisor and a representative from the accounting department. Currently the factory workers record...
-
Rita Lane is the accountant for Outdoor Living, a manufacturer of outdoor furniture that is sold through specialty stores and Internet companies. Lane is responsible for reviewing the standard costs....
-
In the case of positive externalities, what tends to happen in a free market? a ) There is an overproduction of the good or service. b ) There is underproduction of the good or service. c ) The...
-
XYZ Inc. employed several maintenance engineers to keep the equipment running in peak condition. Over the past eight months, Travis incurred the following maintenance cost for these engineers. Plant...
-
Using the amounts below, calculate the inventory turnover ratio , average days in inventory, and gross profit ratio. Net sales Cost of goods sold Beginning inventory Ending inventory $250,000 180,000...
-
Creative Technology reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory. Calculate the total amount to be reported for...
-
Which of the following items are included in official U.S. GDP statistics? Select one or more answers from the choices shown. a. Revenue generated by illegal marijuana growers. b. Money spent to...
-
What are the important purposes of investigation?
-
The largest form of defalcation (both in dollars and frequency) is: a. Theft of cash directly from the company. b. Theft of cash through disbursement schemes. c. Theft of inventory and small tools....
-
The accounting profession may have contributed to the downfall of Enron and the large public losses in all of the following ways except: a. Accounting became very rule-oriented and created a group of...
-
Review the discussion of ethics in decision making and problem solving. Discuss the value of explicitly considering the ethics of a decision.
-
What special points should be borne in mind by you in carrying out an investigation on behalf of a person who wants to purchase business as a going concern?
-
1. Explain how Googles strategy has been developed over the years. 2. What are the strengths and weaknesses of its approach? 3. In what ways should Googles approach to strategy development change in...
-
What are the before image (BFIM) and after image (AFIM) of a data item? What is the difference between in-place updating and shadowing, with respect to their handling of BFIM and AFIM?
-
(a) The following are users of financial statements. ______Customers ______Securities and Exchange Commission ______Internal Revenue Service ______Store manager ______Labor unions ______Suppliers...
-
Companies prepare balance sheets in order to know their financial position at a specific point in time. This enables them to make a comparison to their position at previous points in time, and gives...
-
If a companys revenues are $125,000 and its expenses are $113,000, in which financial statement columns of the worksheet will the net income of $12,000 appear? When expenses exceed revenues, in which...
-
Individual Assignment 3 Rational Demiconductor Balance Sheet ($ millions) Surplus cash $ 1.0 $ 0 Debt Fixed assets and net working capital 10.0 11.0 Equity market capitalization (1 million shares at...
-
In a firm commitment (bought deal) type of underwriting of a Eurobond offering: a.the stand by underwriting syndicate buys the unsold part of the bond offering at a discount. b.the lead underwriter...
-
Assume Clara decides to sell her personal residence for $742,839 in 2024. How much taxable capital gains will she realize
Study smarter with the SolutionInn App