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 $ 22,000 16,000 231,200 13,000 Clark $ 48,000 58,000 216,400 58,000 Required: 1. Calculate cost of goods sold for each company. Lewis Clark Beginning inventory 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