Lewis Incorporated and Clark Enterprises report the following amounts for the year. Inventory (beginning) Inventory (ending) Purchases Purchase returns Lewis $ 14,000 8,000 120,000 5,000 Clark $ 40,000 50,000 150,000 50,000 3. Calculate the average days in inventory for each company. (Round your intermediate calculations to 1 decimal place.)
Lewis Incorporated and Clark Enterprises report the following amounts for the year. Inventory (beginning) Inventory (ending) Purchases Purchase returns Lewis $ 14,000 8,000 120,000 5,000 Clark $ 40,000 50,000 150,000 50,000 3. Calculate the average days in inventory for each company. (Round your intermediate calculations to 1 decimal place.)
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 27CE: Inventory Analysis Singleton Inc. reported the following information for the current year: Required:...
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![[The following information applies to the
questions displayed below.]
Lewis Incorporated and Clark Enterprises report
the following amounts for the year.
Inventory
(beginning)
Inventory
(ending)
Purchases
Purchase
returns
Lewis
$ 14,000
8,000
120,000
5,000
Clark
$ 40,000
50,000
150,000
50,000
3. Calculate the average days in inventory for
each company. (Round your intermediate
calculations to 1 decimal place.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fea366306-f9a6-4b98-a79b-f328d41f4057%2F696273c2-a5ed-484c-9559-858411c2cccd%2F1ks5tl5_processed.jpeg&w=3840&q=75)
Transcribed Image Text:[The following information applies to the
questions displayed below.]
Lewis Incorporated and Clark Enterprises report
the following amounts for the year.
Inventory
(beginning)
Inventory
(ending)
Purchases
Purchase
returns
Lewis
$ 14,000
8,000
120,000
5,000
Clark
$ 40,000
50,000
150,000
50,000
3. Calculate the average days in inventory for
each company. (Round your intermediate
calculations to 1 decimal place.)
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