5 Lewis Incorporated and Clark Enterprises report the following amounts for the year.Inventory (beginning)Inventory (ending)PurchasesPurchase returnsRequired: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?Required 1 Required 2Lewis$15,0009,000133,2006,000Complete this question by entering your answers in the tabs below.Beginning inventoryAdd: PurchasesLess: Purchase returnsCost of goods available for saleLess: Ending inventoryCost of goods soldRequired 3Calculate cost of goods sold for each company.Clark$41,00051,000157,60051,000$Required 4Lewis15,000 $Clark41,000

Cost of goods sold (COGS): Cost of goods sold refers to the direct costs of producing the goods sold…

Lewis Incorporated and Clark Enterprises report the following amounts for the year. Inventory (beginning) Inventory (ending) Purchases Purchase returns Lewis $15,000 9,000 133,200 6,000 Clark $41,000 51,000 157,600 51,000 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?