Cumulat Use the following information on Ace Industrial Supply to complete problems 13-15 Ace Industrial supply sells its products at an average price of $10/unit. The products cost $5.50 tomers are given 30 days to pay (e.g., payments for sales from March are received in April, etc.). /unit. Ace Industrial pays its suppliers for inventory deliveries at the time of delivery. Ace's cus- Ace has been growing rapidly. Sales in March and April were 5,000 units. 8,000 units were sold in May, and 10,000 units were sold in each of June and July. The following table presents select information for the months of March through July. Ace Industrial Supply March April May June July $50,000 Revenue Cost of Goods Sold Operating Expenses Depreciation Inventory Purchases Taxes Ending Cash Balance $50,000 $80,000 $27,500 $44,000 $15,500 $19,000 $1,627 $1,627 $27,500 $44,000 $1,128 $3,228 $100,000 $100,000 $55,000 $55,000 $24,000 $24,000 $1,627 $1,627 $55,000 $55,000 $4,068 $4,068 $10,400 13. Prepare a profit and loss statement for ACE Industrial Supply for each month April through July D 1 Exercise #13 H Ace Industrial Supply Profit and Loss Statement April May June July Enter line description, too - Enterline description, too C... Enterline description, too --- Enter line description, too Enter line description, too 8 Sales Activity 9 10 11 Gross Profit 12 Operating Expenses 13 14 15 Total Operating Expenses 16 Profit Before Taxes 17 18 Net Profit 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 15 36 37 38 39