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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

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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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