Required information [The following information applies to the questions displayed below.) Home Furnishings reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory. Inventory Furniture Electronics Quantity 260 56 Unit Cont $ 91 460 Unit NRV $106 330 2. Calculate ending inventory using the lower of cost and net realizable value. Inventory Quantity Lower of Cost and NRV per unit Ending Inventory Furniture Electronics 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 $ 26,000 20,000 291,600 17,000 Clark $ 52,000 62,000 254,400 62,000 Required: 1. Calculate cost of goods sold for each company. Lewis Clark Beginning inventory Cost of goods available for sale Cost of goods sold