24 NAME DUE DATE CROWN and PRINCE Crown & Prince are virtually identical companies; both companies began operations at the beginning of 2018 by issuing 20,000 shares, $8.00 par common stock $100.000 and long term debt of $200,000 During the year, both companies purchased inventory as folows -units-.Una cost Jan-18 Apr-18 Aug-18 Nov-18 10.000$4.00 $5.00 36.00 10900 $7.00 10,000 t0,000 $50.000 $60.000 $220,000 CROWN uses the first in, first ut (FIFO) method, and PRINCE uses the ias n 40,000 last-out (LIFO) method of inventory. Both companies sold 35.000 units QUESTION 1 Compute the COST OF GOODS SOLD and INVENTORY for each company. SHOW YOUR CALCULATIONS COGS coGs *During the year, both companies had sales (all for credit) of $500,000 QUESTION 2: Prepare the following portion of the Income Statement PRINCE Sales Revenue COGS Gross Profi GP% Crown uses the percent of sales method to establish a reserve for bad debt, Prince uses the Aging of Accounts Receivable CROWIN Estimated PERCENT OF SALES3 FOR BAD DEBT PRINCE AGING OF A/R at 12/31/2018