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To solve this problem for Lewis Corporation, let’s go over each required component step-by-step, given the data provided in the table and additional information.

### Given Data
**Accounts Titles with Values:**

| Account | Dec 31, 2021 | Dec 31, 2020 |
| ------- | ------------ | ------------ |
| Cash | 30,000 | 10,000 |
| Receivables (net) | 85,000 | 125,000 |
| Inventory | 200,000 | 180,000 |
| Accounts Payable | 50,000 | 90,000 |
| Notes Payable | 30,000 | 60,000 |
| Common Stock (Tk. 100 par) | 400,000 | 400,000 |
| Retained Earnings | 130,000 | 101,000 |

**Additional Information:**
1. Inventory turnover is 4 times.
2. Return on common stockholders' equity is 20%.
3. Accounts receivable turnover is 8.6 times.
4. Return on assets is 16%.
5. Total assets on December 31, 2020, were Tk. 685,000.

### Requirements
1. **Cost of Goods Sold (COGS) for 2021**
2. **Net Sales (credit) for 2021**
3. **Net Income for 2021**
4. **Total assets at December 31, 2021**

Let's solve each part systematically.

---

#### Part i. Cost of Goods Sold (COGS) for 2021
The inventory turnover ratio is given by:
\[
\text{Inventory Turnover} = \frac{\text{COGS}}{\text{Average Inventory}}
\]
where:
- Inventory Turnover = 4 times
- Average Inventory = \(\frac{200,000 + 180,000}{2} = 190,000\)

Rearranging for COGS:
\[
\text{COGS} = \text{Inventory Turnover} \times \text{Average Inventory} = 4 \times 190,000 = 760,000
\]

So, **COGS for 2021 = Tk. 760,000**.

---

#### Part ii. Net Sales (credit) for 2021
The accounts receivable turnover is given by:
\[
\text{Accounts Receivable Turnover} = \frac{\text{Net Sales}}{\text{Average Receivables}}
\]
where:
- Accounts Receivable Turnover = 8.6 times
- Average Receivables = \(\frac{85,000 + 125,000}{2} = 105,000\)

Rearranging for Net Sales:
\[
\text{Net Sales} = \text{Accounts Receivable Turnover} \times \text{Average Receivables} = 8.6 \times 105,000 = 903,000
\]

So, **Net Sales for 2021 = Tk. 903,000**.

---

#### Part iii. Net Income for 2021
The return on assets (ROA) is given by:
\[
\text{ROA} = \frac{\text{Net Income}}{\text{Average Total Assets}}
\]
where:
- ROA = 16%
- Average Total Assets = \(\frac{685,000 + \text{Total Assets on Dec 31, 2021}}{2}\)

We will calculate the exact Net Income after finding the Total Assets on December 31, 2021.

---

#### Part iv. Total Assets at December 31, 2021
The return on equity (ROE) is given by:
\[
\text{ROE} = \frac{\text{Net Income}}{\text{Average Stockholders' Equity}}
\]
where:
- ROE = 20%
- Average Stockholders' Equity = \(\frac{(400,000 + 101,000) + (400,000 + 130,000)}{2} = \frac{631,000 + 530,000}{2} = 580,500\)

Rearranging for Net Income using ROE:
\[
\text{Net Income} = \text{ROE} \times \text{Average Stockholders' Equity} = 0.20 \times 580,500 = 116,100
\]

Using this **Net Income = Tk. 116,100** to calculate **Total Assets for 2021**:


Compute the following for Lewis Corporation:
1. Cost of goods sold for 2021.
2. Net sales (credit) for 2021.
3. Net income for 2021.
4. Total assets at December 31, 2021.

Learn to calculate the Cost of Goods Sold, Net Sales (credit), Net Income, and Total Assets for Lewis Corporation for the year 2021. This problem uses key financial formulas, including inventory turnover, accounts receivable turnover, ROA, and ROE, for undergraduate-level accounting or finance studies.

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