My question is just to see a simple explanation of how to figure out the answer it's quite confusing to me! Required Information[The following information applies to the questions displayed below)Lewis Incorporated and Clark Enterprises report the following amounts for the yearInventory (beginning)Tnventory (ending)PurchasesPurchase returnsLewis$ 22, 00016,000231, 2003,800Clark$ 48, eee58, 000216,40058,800Required:1. Calculate cost of goods sold for each company.LewisECArkBeginning inventoryCost of goods avalable for saleCot of goods sold

(The following information applies to the questions displayed below) Lewis Incorporated and Clark Enterprises report the following amounts for the year Inventory (beglinning) Inventory (ending) Purchases Purchase returns Lewis 322,000 16,000 231,200 3,000 Clark $48,000 58, 000 216,400 58,00 Required: 1. Calculate cost of goods sold for each company. Deginning inventory Cout of goods wvalale for sale Coul of goods sold