Required information (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 $ 24,000 18,000 261,000 15,000 Clark $ 50,000 60,000 235,000 60,000 Required: 1. Calculate cost of goods sold for each company. Lewis Clark Beginning inventory Add: Purchases Cost of goods available for sale Cost of goods sold 2. Calculate the inventory turnover ratio for each company. Inventory Turnover Ratio Lewis times Clark = times 3. Calculate the average days in inventory for each company. Average Days in Inventory Lewis = days Clark II days