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Required information Skip to question [The following information applies to the questions displayed below.] Lewis Incorporated and Clark Enterprises report the following amounts for the
Required information
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[The following information applies to the questions displayed below.]
Lewis Incorporated and Clark Enterprises report the following amounts for the year.
Lewis | Clark | |||||
Inventory (beginning) | $ | 14,000 | $ | 40,000 | ||
Inventory (ending) | 8,000 | 50,000 | ||||
Purchases | 120,000 | 150,000 | ||||
Purchase returns | 5,000 | 50,000 | ||||
2. Calculate the inventory turnover ratio for each company.
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