Lewis Incorporated and Clark Enterprises report the following amounts for 2012. Lewis Clark Inventory (beginning) $14,000 $40,000 Inventory (ending) 8,000 50,000 Purchases 120,000 150,000 Purchase returns 5,000 50,000 Required: 1. Calculate cost of goods sold for each company.

Lewis Incorporated and Clark Enterprises report the following amounts for 2012. Lewis Clark Inventory (beginning) $14,000 $40,000 Inventory (ending) 8,000 50,000 Purchases 120,000 150,000 Purchase returns 5,000 50,000 Required: 1. Calculate cost of goods sold for each company.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Lewis Incorporated and Clark Enterprises report the following amounts for 2012.

Lewis Clark

Inventory (beginning) $14,000 $40,000

Inventory (ending) 8,000 50,000

Purchases 120,000 150,000

Purchase returns 5,000 50,000

Required:

1. Calculate cost of goods sold for each company.

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