Required information [The following information applies to the questions displayed below.) Lewis Incorporated and Clark Enterprises report the following amounts for the year. Lewis Inventory (beginning) Inventory (ending) Purchases Purchase returns $ 32,880 26,000 388,209 23,000 Clark $ 58,000 68,000 204,000 68,000 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 $ 32,000 26,000 388,200 23,000 Clark $ 58,000 68,000 204,000 68,000 2. Calculate the inventory turnover ratio for each company. Inventory Turnover Ratio times Lewis times Clark Check 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 $ 32,000 26,000 388, 200 23,000 Clark $ 58,000 68,000 204,000 68,000 3. Calculate the average days in inventory for each company. (Round your intermediate calculations to 1 decim place.) Average Days in Inventory 0 days Lewis 0 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 $ 32,000 26,089 388,209 23,089 Clark $ 58,000 68,000 284,000 68,000 4. Which company appears to be managing its inventory more efficiently? Lewis Incorporated Clark Enterprises