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 $ 31,000 25,000 371,600 22,000 Clark $ 57,000 67.000 194,800 67,000 Required: 1. Calculate cost of goods sold for each company. Lewis Clark Beginning inventory Cost of goods available for sale Cost of goods sold 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 $ 31,000 25,000 371,600 22,000 Clark $ 57,000 67,000 194,800 67,000 2. Calculate the inventory turnover ratio for each company. Inventory Turnover Ratio Lewis Clark 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 $ 31,000 25,000 371, 600 22,000 Clark $ 57,000 67,000 194,800 67,000 3. Calculate the average days in inventory for each company. (Round your intermediate calculations to 1 decimal place.) Average Days in Inventory Lewis days Clark 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 $ 31,000 25,000 371,600 22,000 clark $ 57,000 67,000 194,800 67,000 4. Which company appears to be managing its inventory more efficiently? Lewis Incorporated Clark Enterprises