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 Required: 1. Calculate cost of goods sold for each company. Beginning inventory Cost of goods available for sale Lewis $ 14,000 8,000 120,000 5,000 Cost of goods sold Lewis Clark $ 40,000 50,000 150,000 50,000 Clark

Required information [The following information applies to the questions displayed below.] Lewis Incorporated and Clark Enterprises report the following amounts for the year. Required: 1. Calculate cost of goods sold for each company