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Lewis Incorporated and Clark Enterprises report the following amounts for the year. Inventory (beginning) Inventory (ending) Purchases Purchase returns Levis $19,000 13,000 188,000 10,000 Clark $45,000 55,000 190,000 55,000 Required: 1. Calculate cost of goods sold for each company. 2. Calculate the inventory turnover ratio for each company. 4. Which company appears to be managing its inventory more efficiently?

Lewis Incorporated and Clark Enterprises report the following amounts for the year. Inventory (beginning) Inventory (ending) Purchases Purchase returns Levis $19,000 13,000 188,000 10,000 Clark $45,000 55,000 190,000 55,000 Required: 1. Calculate cost of goods sold for each company. 2. Calculate the inventory turnover ratio for each company. 4. Which company appears to be managing its inventory more efficiently?

FINANCIAL ACCOUNTING
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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Lewis Incorporated and Clark Enterprises report the following amounts for the year. Inventory (beginning) Inventory (ending) Purchases Purchase returns. Lewis $19,000 13,000 188,000 10,000 Clark $45,000 55,000 Required: 1. Calculate cost of goods sold for each company. 2. Calculate the inventory turnover ratio for each company. 4. Which company appears to be managing its inventory more efficiently? Lewis 190,000 55,000 Complete this question by entering your answers in the tabs below. Clark Required 1 Required 2 Required 3 Required 4 Calculate the inventory turnover ratio for each company. Inventory Turnover Ratio Accounts in Ratio Amounts < Required 1 times: times Required 3 >
Transcribed Image Text:Lewis Incorporated and Clark Enterprises report the following amounts for the year. Inventory (beginning) Inventory (ending) Purchases Purchase returns. Lewis $19,000 13,000 188,000 10,000 Clark $45,000 55,000 Required: 1. Calculate cost of goods sold for each company. 2. Calculate the inventory turnover ratio for each company. 4. Which company appears to be managing its inventory more efficiently? Lewis 190,000 55,000 Complete this question by entering your answers in the tabs below. Clark Required 1 Required 2 Required 3 Required 4 Calculate the inventory turnover ratio for each company. Inventory Turnover Ratio Accounts in Ratio Amounts < Required 1 times: times Required 3 >
Lewis Incorporated and Clark Enterprises report the following amounts for the year. Inventory (beginning) Inventory (ending) Purchases Purchase returns Required: 1. Calculate cost of goods sold for each company. 2. Calculate the inventory turnover ratio for each company. 4. Which company appears to be managing its inventory more efficiently? Lewis $19,000 13,000 188,000 10,000 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Calculate cost of goods sold for each company. Beginning inventory Clark $45,000 55,000 190,000 55,000 Cost of goods available for sale Cost of goods sold Lewis < Required 1 Clark Required 2 >
Transcribed Image Text:Lewis Incorporated and Clark Enterprises report the following amounts for the year. Inventory (beginning) Inventory (ending) Purchases Purchase returns Required: 1. Calculate cost of goods sold for each company. 2. Calculate the inventory turnover ratio for each company. 4. Which company appears to be managing its inventory more efficiently? Lewis $19,000 13,000 188,000 10,000 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Calculate cost of goods sold for each company. Beginning inventory Clark $45,000 55,000 190,000 55,000 Cost of goods available for sale Cost of goods sold Lewis < Required 1 Clark Required 2 >
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