Required information

[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)	$	22,000		$	48,000
Inventory (ending)		16,000			58,000
Purchases		231,200			216,400
Purchase returns		13,000			58,000

Required:

1. Calculate cost of goods sold for each company.

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Required information

[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)	$	22,000		$	48,000
Inventory (ending)		16,000			58,000
Purchases		231,200			216,400
Purchase returns		13,000			58,000

3. Calculate the average days in inventory for each company. (Round your intermediate calculations to 1 decimal place.)

Required information

[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)	$	22,000		$	48,000
Inventory (ending)		16,000			58,000
Purchases		231,200			216,400
Purchase returns		13,000			58,000

4. Which company appears to be managing its inventory more efficiently?

multiple choice

• Lewis Incorporated

• Clark Enterprises