Lewis Incorporated and Clark Enterprises report the following amounts for the year. Inventory (beginning) Inventory (ending) Purchases Purchase returns Lewis $25,000 19,000 276,200 16,000 Clark $51,000 61,000 244,600 61,000 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. Calculate the average days in inventory for each company. Complete this question by entering your answers in the tabs below. Calculate the inventory turnover ratio for each company. Complete this question by entering your answers in the tabs below. Which company appears to be managing its inventory more efficiently? Which company appears to be matuging its invenlory more elficiently? 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