only need part 1 for letter b

Purpose Completion of this assignment is an important component of Principles of Managerial Accounting. This assignment seeks to integrate the principles and strategies we have learned. The Case "Lone Star Smart Phone Covers inc." is designed to facilitate student understanding of the concepts of financial statement and costvolume-profit analysis. In addition, you will have an opportunity to reflect on your learning experience. Oyeryiew This assignment has three parts. Part One - Analysis (15 pts): The first part presents two years of financial statements for Lone Star Smart Phone Covers, Inc., a corporation selling inventory (phone covers). Lone Star's primary operation is the sale of basic phone covers (which are imported from South Korea) to retailers in the U.S. market, such as Wal-Mart, Best Buy, and Target. The requirement is to use financial analysis to support recommendations made in the memo to the company's CEO. Part Two - Write the memo (15 pts) Part Three - Short Reflectlve Paper (20 pts): Write a short reflection paper on your learning experience in the class. Instructions Part One: The Excel file titled "Lone Star Analysis Sheets" contains financial information for 2021 and 2020. 1. Prepare a Comparative Balance Sheet with vertical analysis (required columns added). Tab 1 2. Prepare a Comparative income Statement with horizontal analysis (required columns added). Tab 2 3. Based on the financial information given: calculate the following 2021 ratios for the company (formulas are shown, but you are to show calculations and answers) Tab 3. To aid in your analysis the 5 mart Phone covers industry ratios are provided as a comparison resource. Depending on the Case (A,B or C) assume the industry ratios below