Answer Happy

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 $ 17,000 $ 43,000 Inventory (beginning) Inventory (ending) Purchases 11,000 53,000 160, 200 173,400 Purchase returns. 8,000 53,000
Required: 1. Calculate cost of goods sold for each company. Lewis Clark Beginning inventory Cost of goods available for sale Cost of goods sold