Lewis Incorporated and Clark Enterprises report the following amounts for the year.                                          Lewis        ClarkInventory (beginning)     $ 24,000      $ 50,000Inventory (ending)             18,000         60,000Purchases                         261,000       235,000Purchase returns                15,000         60,000Required: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. Explain which company appears to be managing its inventory more efficiently.

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