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Lewis Incorporated and Clark Enterprises report the following amounts Inventory (beginning) Inventory (ending) Purchases Purchase returns Lewis $ 34,000 28,000 391,000 25,000 Clark $ 60,000
Lewis Incorporated and Clark Enterprises report the following amounts Inventory (beginning) Inventory (ending) Purchases Purchase returns Lewis $ 34,000 28,000 391,000 25,000 Clark $ 60,000 70,000 223,000 70,000 2. Calculate the inventory turnover ratio for each company. Inventory Turnover Ratio = times Lewis 11 times Clark
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Accounting
Authors: Michael J. Jones
2nd Edition
0470017791, 978-0470017791
