5:26 PM Tue Mar 5 Done Homework Ch 6 1 1 0.83 points eBook Hint Print References AA Mc Graw Hill Inventory (beginning) Inventory (ending) Purchases Purchase returns Exercise 6-15 (Algo) Calculate cost of goods sold, the inventory turnover ratio, and average days in inventory (LO6-2, 6-7) Lewis Incorporated and Clark Enterprises report the following amounts for the year. Required 1 Required 2 Lewis $22,000 16,000 231, 200 13,000 Required: 1. Calculate cost of goods sold for each company. 2. Calculate the inventory turnover ratio for each company. 3. Calculate the average days in inventory for each company. 4. Which company appears to be managing its inventory more efficiently? Beginning inventory Add: Purchases Complete this question by entering your answers in the tabs below. Cost of goods available for sale Calculate cost of goods sold for each company. Cost of goods sold Required 3 ezto.mheducation.com Clark $48,000 58,000 216,400 58,000 Required 4 Lewis Saved 22,000 $ Required 1 Clark < Prev 48,000 Required 2 1 of 10 ‒‒‒ Help Next Save & Exit Submit Check my work * 100%
5:26 PM Tue Mar 5 Done Homework Ch 6 1 1 0.83 points eBook Hint Print References AA Mc Graw Hill Inventory (beginning) Inventory (ending) Purchases Purchase returns Exercise 6-15 (Algo) Calculate cost of goods sold, the inventory turnover ratio, and average days in inventory (LO6-2, 6-7) Lewis Incorporated and Clark Enterprises report the following amounts for the year. Required 1 Required 2 Lewis $22,000 16,000 231, 200 13,000 Required: 1. Calculate cost of goods sold for each company. 2. Calculate the inventory turnover ratio for each company. 3. Calculate the average days in inventory for each company. 4. Which company appears to be managing its inventory more efficiently? Beginning inventory Add: Purchases Complete this question by entering your answers in the tabs below. Cost of goods available for sale Calculate cost of goods sold for each company. Cost of goods sold Required 3 ezto.mheducation.com Clark $48,000 58,000 216,400 58,000 Required 4 Lewis Saved 22,000 $ Required 1 Clark < Prev 48,000 Required 2 1 of 10 ‒‒‒ Help Next Save & Exit Submit Check my work * 100%
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:5:26 PM Tue Mar 5
Done
Homework Ch 6 1
1
0.83
points
eBook
Hint
Print
References
AA
Mc
Graw
Hill
Inventory (beginning)
Inventory (ending)
Purchases
Purchase returns
Exercise 6-15 (Algo) Calculate cost of goods sold, the inventory turnover ratio, and average days in
inventory (LO6-2, 6-7)
Lewis Incorporated and Clark Enterprises report the following amounts for the year.
Required 1 Required 2
Lewis
$22,000
16,000
231, 200
13,000
Required:
1. Calculate cost of goods sold for each company.
2. Calculate the inventory turnover ratio for each company.
3. Calculate the average days in inventory for each company.
4. Which company appears to be managing its inventory more efficiently?
Beginning inventory
Add: Purchases
Complete this question by entering your answers in the tabs below.
Cost of goods available for sale
Calculate cost of goods sold for each company.
Cost of goods sold
Required 3
ezto.mheducation.com
Clark
$48,000
58,000
216,400
58,000
Required 4
Lewis
Saved
22,000 $
Required 1
Clark
< Prev
48,000
Required 2
1 of 10
‒‒‒
Help
Next
Save & Exit Submit
Check my work
* 100%
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