Calculate Cost of Goods Sold for the following two companies: ?LEWIS INC.MERCER CO.Merchandise$250,000?Finished Goods?$550,000Cost of Goods Purchased460,000?Cost of Goods Manufactured?688,000Ending Inventory:??Merchandise128,000?Finished Goods?350,000
What will be an ideal response?
LEWIS, INC.:
| Beginning merchandise inventory | $250,000 |
| Plus cost of goods purchased | 460,000 |
| Less ending merch. inventory | (128,000) |
| Cost of goods sold | $582,000 |
MERCER CO.: | ? |
| Beginning finished goods inventory | $550,000 |
| Plus cost of goods manufactured | 688,000 |
| Less ending finished goods inventory | (350,000) |
| Cost of goods sold | $888,000 |
Business
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