CROWN and PRINCE Crown & Prince are virtually identical companies; both companies began operations at the beginning of 2017 by issuing 20,000 shares, $5.00 par common stock $100,000 and long term debt of $200,000 During the year, both companies purchased inventory as follows Jan-17 Apr-17 Aug-17 units Unit cost 10,000 $4.00 10,000 $5.00 10,000 $6.00 0,000 $7.00 40,000 Total Cost $40,000 $50,000 S60,000 $70,000 $220,000 Nov-17 CWN uses the first-in, first-out (FIFO) method, and PRINCE uses the last-in last-out (LIFO) method of inventory. Both companies sold units Compute the COST OF GOODS SOLD and INVENTORY for each company. SHOW YOUR CALCULATIONS QUESTION 1 CROWN PRINCE SO SO SO SO $0 S0 $0 $0 COGS COGS SO SO Inventory Inventory $0 $0 Inventory