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The following information applies to the questions displayed below.) Lewis Incorporated and Clark Enterprises report the following amounts for the year. Inventory (beginning) Inventory (ending) Purchases Purchase returns Lewis $ 20,000 14,000 202,200 11,000 Clark $ 46,000 56,000 198,600 56,000 Required: 1. Calculate cost of goods sold for each company. Lewis Clark Beginning inventory Cost of goods available for sale Cost of goods sold 2. Calculate the inventory turnover ratio for each company. Inventory Turnover Ratio Lewis 11 times Clark 11 times 3. Calculate the average days in inventory for each company. (Round your intermediate calculations to 1 decimal pla Average Days In Inventory Lewis days Clark days 4. Which company appears to be managing its inventory more efficiently? Lewis Incorporated Clark Enterprises