Lewis Incorporated and Clark Enterprises report the following amounts for the year. Lewis Clark $ 23,000 $ 49,000 Inventory (beginning) Inventory (ending) Purchases Purchase returns 17,000 246,000 14,000 59.000 225,600 59,000 Required: 1. Calculate cost of goods sold for each company. Lewis Clark Beginning inventory Cost of goods available for sale Cost of goods sold Lewis Incorporated and Clark Enterprises report the following amounts for the year. Inventory (beginning) Inventory (ending) Purchases Purchase returns Lewis Clark $ 23,000 $ 49,000 17,000 59,000 246,000 225,600 14,000 59,000 2. Calculate the inventory turnover ratio for each company. Inventory Turnover Ratio Lewis times Clark times