Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed

image text in transcribedI 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 days

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

College Accounting Ch 1-12

Authors: Dansby

5th Edition

0763834955, 978-0763834951

More Books

Students also viewed these Accounting questions

Question

What would you do?

Answered: 1 week ago