Shown here are annual financial data at december 31 2013

Question

Shown here are annual financial data at December 31, 2013, taken from two different companies.

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