Shown here are annual financial data at December 31, 2013, taken from two different companies.
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Required:
1. Compute the cost of goods sold section of the income statement at December 31, 2013, for each company. Include the proper title and format in the solution.
2. Write a half page memorandum to your instructor (a) Identifying the inventory accounts
(b) Identifying where each is reported on the income statement and balance sheet for bothcompanies.