Lewis Incorporated and Clark Enterprises report the following amounts for the year. Lewis Clark Inventory (beginning) $ 16,000 $ 42,000 Inventory (ending) 10,000 52,000 Purchases 146,600 165,400 Purchase returns 7,000 52,000 Required: 1. Calculate cost of goods sold for each company.

Lewis Incorporated Cost Of Goods Sold      $ 145,600

Clark Enterprises   Cost Of Goods Sold      $103,400

Explanation:

Lewis Incorporated

Inventory (beginning)                                $ 16,000

Add Purchases 146,600

Less Purchase returns 7,000

Net Purchases                                            139,600

Less Inventory (ending)                              ( 10,000 )

Cost Of Goods Sold                                  $ 145,600

Clark Enterprises

Inventory (beginning)                                  $ 42,000

Add Purchases  165,400

Less Purchase returns 52,000

Net Purchases                                                 113,400

Less Inventory (ending)                                    ( 52,000)

Cost Of Goods Sold                                         $103,400

The brackets indicate that the amount is deducted.

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