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Required information [The following information applies to the questions displayed below.] Lewis Incorporated and Clark Enterprises...

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


2. Calculate the inventory turnover ratio for each company.

Inventory Turnover Ratio
Lewis       =    times
Clark    =    times
Business   Accounting   
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