5:26 PM Tue Mar 5 Done Homework Ch 6 1 1 0.83 points eBook Hint Print References AA Mc Graw Hill Inventory (beginning) Inventory (ending) Purchases Purchase returns Exercise 6-15 (Algo) Calculate cost of goods sold, the inventory turnover ratio, and average days in inventory (LO6-2, 6-7) Lewis Incorporated and Clark Enterprises report the following amounts for the year. Required 1 Required 2 Lewis $22,000 16,000 231, 200 13,000 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? Beginning inventory Add: Purchases Complete this question by entering your answers in the tabs below. Cost of goods available for sale Calculate cost of goods sold for each company. Cost of goods sold Required 3 ezto.mheducation.com Clark $48,000 58,000 216,400 58,000 Required 4 Lewis Saved 22,000 $ Required 1 Clark < Prev 48,000 Required 2 1 of 10 ‒‒‒ Help Next Save & Exit Submit Check my work * 100%

5:26 PM Tue Mar 5 Done Homework Ch 6 1 1 0.83 points eBook Hint Print References AA Mc Graw Hill Inventory (beginning) Inventory (ending) Purchases Purchase returns Exercise 6-15 (Algo) Calculate cost of goods sold, the inventory turnover ratio, and average days in inventory (LO6-2, 6-7) Lewis Incorporated and Clark Enterprises report the following amounts for the year. Required 1 Required 2 Lewis $22,000 16,000 231, 200 13,000 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? Beginning inventory Add: Purchases Complete this question by entering your answers in the tabs below. Cost of goods available for sale Calculate cost of goods sold for each company. Cost of goods sold Required 3 ezto.mheducation.com Clark $48,000 58,000 216,400 58,000 Required 4 Lewis Saved 22,000 $ Required 1 Clark < Prev 48,000 Required 2 1 of 10 ‒‒‒ Help Next Save & Exit Submit Check my work * 100%

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.12AMCP

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