Lewis Incorporated and Clark Enterprises report the following amounts for the year. Inventory (beginning) Inventory (ending)...
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Lewis Incorporated and Clark Enterprises report the following amounts for the year. Inventory (beginning) Inventory (ending) Purchases Purchase returns Levis $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? Lewis Incorporated and Clark Enterprises report the following amounts for the year. Inventory (beginning) Inventory (ending) Purchases Purchase returns Levis $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?
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ANSWER Add Less Less 1 2 Levis Clark 3 Levis Clark 4 Beginning Inventory ... View the full answer
Related Book For
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
Posted Date:
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