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Lewis Incorporated and Clark Enterprises report the following amounts for the year.Required information [ The following information applies to the questions displayed below. ] A
Lewis Incorporated and Clark Enterprises report the following amounts for the year.Required information The following information applies to the questions displayed below. A company like Golf USA that sells golfrelated inventory typically will have inventory items such as golf clothing and golf equipment. As technology advances the design and performance of the next generation of drivers, the older models become less marketable and therefore decline in value. Suppose that in the current year, Ping a manufacturer of golf clubs introduces the MegaDriver II the new and improved version of the MegaDriver. Below are yearend amounts related to Golf USA's inventory. Record any necessary adjusting entry to inventory. If no entry is required for a transactionevent select No Journal Entry Required" in the first account field. Journal entry worksheet Record any necessary adjusting entry for inventory. Note: Enter debits before credits. Required: Calculate cost of goods sold for each company. Calculate the inventory turnover ratio for each company. Calculate the average days in inventory for each company. 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.
Lewis Incorporated and Clark Enterprises report the following amounts for the year.Required information
The following information applies to the questions displayed below.
A company like Golf USA that sells golfrelated inventory typically will have inventory items such as golf clothing and golf
equipment. As technology advances the design and performance of the next generation of drivers, the older models
become less marketable and therefore decline in value. Suppose that in the current year, Ping a manufacturer of golf
clubs introduces the MegaDriver II the new and improved version of the MegaDriver. Below are yearend amounts
related to Golf USA's inventory.
Record any necessary adjusting entry to inventory. If no entry is required for a transactionevent select No Journal Entry
Required" in the first account field.
Journal entry worksheet
Record any necessary adjusting entry for inventory.
Note: Enter debits before credits.
Required:
Calculate cost of goods sold for each company.
Calculate the inventory turnover ratio for each company.
Calculate the average days in inventory for each company.
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.
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