Please do not give solution in image format thanku Lewis Incorporated and Clark Enterprises report the following amounts for the year.Inventory (beginning)Inventory (ending)PurchasesPurchase returns.Lewis$19,00013,000188,00010,000Clark$45,00055,000Required: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?Lewis190,00055,000Complete this question by entering your answers in the tabs below.ClarkRequired 1 Required 2 Required 3 Required 4Calculate the inventory turnover ratio for each company.Inventory Turnover RatioAccounts in RatioAmounts< Required 1times:timesRequired 3 > 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.4. Which company appears to be managing its inventory more efficiently?Lewis$19,00013,000188,00010,000Complete this question by entering your answers in the tabs below.Required 1 Required 2 Required 3 Required 4Calculate cost of goods sold for each company.Beginning inventoryClark$45,00055,000190,00055,000Cost of goods available for saleCost of goods soldLewis< Required 1ClarkRequired 2 >

The ratio analysis helps to analyse the financial statements of the business on the basis of the…

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?

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 38BE: Inventory Analysis Callahan Company reported the following information for the current year....

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