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I need solution for both part 2 and 3 Required information (The following information applies to the questions displayed below.) Lewis Incorporated and Clark Enterprises
I need solution for both part 2 and 3
Required information (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 $ 34,000 28,000 391,000 25,000 Clark $ 60,000 70,000 223,000 70,000 2. Calculate the inventory turnover ratio for each company. Inventory Turnover Ratio Cost of goods sold 372,000 Average inventory Lewis O times 143,000 Clark Cost of goods sold Average inventory 0 times 3. Calculate the average days in inventory for each company. (Round your intermediate calculations to 1 decimal place.) Average Days in Inventory Lewis days Clark daysStep by Step Solution
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