Required information [The following informetion apples to the questions displeyed below Grant Enterprises end Lee Corporstion report the following smounts for the yeer Imvantory (beginnáng) Invantory (ending0 Purchases Purchase returns Grat $ 30,8 S 56,aee 24,8e 6,0e 355,2 18s, see 21,8e s6,ee 4. Which company appesrs to be managing s invertory more efficientiy? O Grant Erterprises O Lee Corporetion
Required information [The following informetion apples to the questions displeyed below Grant Enterprises end Lee Corporstion report the following smounts for the yeer Imvantory (beginnáng) Invantory (ending0 Purchases Purchase returns Grat $ 30,8 S 56,aee 24,8e 6,0e 355,2 18s, see 21,8e s6,ee 4. Which company appesrs to be managing s invertory more efficientiy? O Grant Erterprises O Lee Corporetion
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
there are two parts to one question. thank you so much!
![**Required Information**
*[The following information applies to the questions displayed below]*
Grant Enterprises and Lee Corporation report the following amounts for the year:
| | Grant | Lee |
|-----------------------------|-----------|----------|
| Inventory (beginning) | $38,000 | $55,000 |
| Inventory (ending) | $36,000 | $48,000 |
| Purchases | $355,000 | $565,000 |
| Purchase returns | $21,000 | $65,000 |
**Question 4:** Which company appears to be managing its inventory more efficiently?
- Grant Enterprises
- Lee Corporation
There are no graphs or diagrams in this text to explain.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa3df5b63-8420-4e4f-b302-e11e0dfef4c4%2Faf6ffeea-3a81-4e39-98e8-8a5bae49b1d3%2Fab1bmtt_processed.png&w=3840&q=75)
Transcribed Image Text:**Required Information**
*[The following information applies to the questions displayed below]*
Grant Enterprises and Lee Corporation report the following amounts for the year:
| | Grant | Lee |
|-----------------------------|-----------|----------|
| Inventory (beginning) | $38,000 | $55,000 |
| Inventory (ending) | $36,000 | $48,000 |
| Purchases | $355,000 | $565,000 |
| Purchase returns | $21,000 | $65,000 |
**Question 4:** Which company appears to be managing its inventory more efficiently?
- Grant Enterprises
- Lee Corporation
There are no graphs or diagrams in this text to explain.
![### Required Information
**[The following information applies to the questions displayed below.]**
Grant Enterprises and Lee Corporation report the following amounts for the year:
- **Grant:**
- Inventory (beginning): $38,000
- Inventory (ending): $26,000
- Purchases: $355,000
- Purchase returns: $21,000
- **Lee:**
- Inventory (beginning): $55,000
- Inventory (ending): $63,000
- Purchases: $280,000
- Purchase returns: $65,000
### 3. Calculate the average days in inventory for each company.
**(Round your intermediate calculations to 1 decimal place.)**
#### Average Days in Inventory Table
| Company | Average Days in Inventory | Days |
|---------|---------------------------|------|
| Grant | | days |
| Lee | | days |
(Note: The table is empty for calculations to be filled in.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa3df5b63-8420-4e4f-b302-e11e0dfef4c4%2Faf6ffeea-3a81-4e39-98e8-8a5bae49b1d3%2Fk2adt1k_processed.png&w=3840&q=75)
Transcribed Image Text:### Required Information
**[The following information applies to the questions displayed below.]**
Grant Enterprises and Lee Corporation report the following amounts for the year:
- **Grant:**
- Inventory (beginning): $38,000
- Inventory (ending): $26,000
- Purchases: $355,000
- Purchase returns: $21,000
- **Lee:**
- Inventory (beginning): $55,000
- Inventory (ending): $63,000
- Purchases: $280,000
- Purchase returns: $65,000
### 3. Calculate the average days in inventory for each company.
**(Round your intermediate calculations to 1 decimal place.)**
#### Average Days in Inventory Table
| Company | Average Days in Inventory | Days |
|---------|---------------------------|------|
| Grant | | days |
| Lee | | days |
(Note: The table is empty for calculations to be filled in.)
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