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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
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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Financial Accounting And Reporting
Authors: Barry Elliott, Jamie Elliott
11th Edition
0273708708, 9780273708704
