Lewis Incorporated and Clark Enterprises report the following amounts for the year. Inventory (beginning) Inventory (ending) Purchases Purchase returns Required: 1. Calculate cost 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 $16,000 10,000 146,600 7,000 Complete this question by entering your answers in the tabs below. Beginning inventory Required 3 Clark $42,000 52,000 165,400 52,000 Calculate cost of goods sold for each company. Cost of goods available for sale Required 4 Lewis Clark

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. Calculate the inventory turnover ratio for each company