Required information Exercise 6-15A Calculate cost of goods sold, the inventory turnover ratio, and average days in inventory (LO6-2, 6-7) [The following information applies to the questions displayed below. Lewis Incorporated and Clark Enterprises report the following amounts for the year. Inventory (beginning) Inventory (ending) Purchases Purchase returns Lewis $ 20,000 14,000 202,200 11,000 Clark $ 46,000 56,000 198,600 56,000 Exercise 6-15A Part 1 Required: 1. Calculate cost of goods sold for each company. Lewis Clark Beginning inventory $ 700 $ 4,200 Add: Purchase returns Cost of goods available for sale Cost of goods sold Required information Exercise 6-15A Calculate cost of goods sold, the inventory turnover ratio, and average days in inventory (LO6-2, 6-7) [The following information applies to the questions displayed below.] Lewis Incorporated and Clark Enterprises report the following amounts for the year. Inventory (beginning) Inventory (ending) Purchases Purchase returns Lewis $ 20,000 Clark $ 46,000 14,000 202,200 11,000 56,000 198,600 56,000 Exercise 6-15A Part 2 2. Calculate the inventory turnover ratio for each company. Lewis Inventory Turnover Ratio Clark times times Required information Exercise 6-15A Calculate cost of goods sold, the inventory turnover ratio, and average days in Inventory (LO6-2, 6-7) [The following information applies to the questions displayed below] Lewis Incorporated and Clark Enterprises report the following amounts for the year. Inventory (beginning) Levis Clark $ 46,000 Inventory (ending) Purchases Purchase returns $ 20,000 14,000 202,200 11,000 56,000 198,600 56,000 Exercise 6-15A Part 3 3. Calculate the average days in inventory for each company. (Round your intermediate calculations to 1 decimal place.) Average Days in Inventory Des Lewis Clark days days