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i need help please 23. In 2021, Bumble Bee Boutique (a retail clothing company) sold 285,000 units of its product at an average price of
i need help please
23. In 2021, Bumble Bee Boutique (a retail clothing company) sold 285,000 units of its product at an average price of $44.00 per unit. The company reported estimated returns and allowances in 2021 of 2.5 percent of gross revenue. Bumble Bee Boutique actually purchased 252,000 units of its product from its manufacturer in 2021 at an average cost of $25.00 per unit. Bumble Bee Boutique began 2021 with 62,000 units of its product in inventory (carried at an average cost of $25.00 per unit). Operating expenses (excluding depreciation) for Bumble Bee Boutique in 2021 were $1,861,000 and depreciation expense was $100,000. Bumble Bee Boutique had $3,400,000 in debt outstanding throughout all of 2021. This debt carried an average interest rate of 6.8 percent. Finally, Bumble Bee Boutique's tax rate was 30 percent. Bumble Bee Boutique's fiscal 1 year runs from January 1 through December 31. Given this information, compute net income for Bumble Bee Boutique for 2021. 24. Referring back to the previous problem, compute Bumble Bee Boutique's ending inventory balance for 2021 (that is, what did Bumble Bee Boutique report as inventory on its December 31, 2021 balance sheet)Step by Step Solution
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