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)PurchasesPurchase returns.LewisLewis$ 30,00024,000355, 20021,000Clark3. Calculate the average days in inventory for each company. (Round your intermediate calculations to 1 decimal place.)Clark$ 56,00066,000Average Days in Inventory185,80066,000==daysdays

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Description: 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)PurchasesPurchase returns.LewisLewis$

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Lewis Incorporated and Clark Enterprises report the following amounts for the Inventory (beginning) Inventory (ending) Purchases Purchase returns Lewis $ 30,000 24,000 355, 200 21,000 Clark $ 56,000 66,000 185,800 66,000

Lewis Incorporated and Clark Enterprises report the following amounts for the Inventory (beginning) Inventory (ending) Purchases Purchase returns Lewis $ 30,000 24,000 355, 200 21,000 Clark $ 56,000 66,000 185,800 66,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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