Required information [The following information applies to the questions displayed below.] Lewis Incorporated and Clark Enterprises report
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Required information
[The following information applies to the questions displayed below.]
Lewis Incorporated and Clark Enterprises report the following amounts for the year.
| Lewis | Clark | |||||
| Inventory (beginning) | $ | 16,000 | $ | 42,000 | ||
| Inventory (ending) | 10,000 | 52,000 | ||||
| Purchases | 146,600 | 165,400 | ||||
| Purchase returns | 7,000 | 52,000 | ||||
3. Calculate the average days in inventory for each company. (Round your intermediate calculations to 1 decimal place.)
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Expert Answer:
To calculate the average days in inventory for each company well use the following formula textAvera... View the full answer
Related Book For 
Financial Accounting
ISBN: 9780078110825
2nd Edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
Posted Date:
