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

    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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