Lewis Incorporated and Clark Enterprises report the following amounts for the year. Inventory beginning) Inventory (ending) Purchases Purchase returns Lewis $14,000 8,000 120,000 5,000 Clark $40,000 50,000 150,000 50,000 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. Required 1 Required 2 Required 3 Required 4 Calculate cost of goods sold for each company. Lewis Beginning inventory Clark Cost of goods available for sale Cost of goods sold ( Required 1 Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Calculate the inventory turnover ratio for each company. Inventory Turnover Ratio Accounts in Ratio Amounts Lewis times Clark = times Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Calculate the average days in inventory for each company. Average Days in Inventory Accounts in Ratio Amounts Lewis = days Clark = days Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Which company appears to be managing its inventory more efficiently? Which company appears to be managing its inventory more efficiently?