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Required information [The following information applies to the questions displayed below.) Lewis Incorporated and Clark Enterprises report the following amounts for the year. Inventory (beginning)
Required information [The following information applies to the questions displayed below.) Lewis Incorporated and Clark Enterprises report the following amounts for the year. Inventory (beginning) Inventory (ending) Purchases Purchase returns Lewis $ 30,000 24,000 355,200 21,000 Clark $ 56,000 66,000 185,800 66,000 Required: 1. Calculate cost of goods sold for each company. Lewis Clark Beginning inventory
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