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9. In 2020, Una Online, Inc. (a retail clothing company) sold 85,000 units of its product at an average price of $160.00 per unit. The
9. In 2020, Una Online, Inc. (a retail clothing company) sold 85,000 units of its product at an average price of $160.00 per unit. The company reported estimated returns and allowances in 2020 of 1.0 percent of gross revenue. Una Online actually purchased 92,000 units of its product from its manufacturer in 2020 at an average cost of $120.00 per unit. Una Online began 2020 with 32,000 units of its product in inventory (carried at an average cost of $120.00 per unit). Operating expenses (excluding depreciation) for Una Online. Inc. in 2020 were $1,526,000 and depreciation expense was $95.000. Una Online had $4,000,000 in debt outstanding throughout all of 2020. This debt carried an average interest rate of 5.5 percent. Finally, Una Online's tax rate was 25 percent. Una Online's fiscal year runs from January 1 through December 31. Given this information, compute net income for Una Online, Inc. for 2020. 10. Referring back to the previous problem, compute Una Online's ending inventory balance for 2020 (that is, what did Una Online, Inc. report as inventory on its December 31, 2020, balance sheet)
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