Please be neat

NAME DUE DATE 11/20/18 CROWN and PRINCE Crown & Prince are virtually idenical companies; both companies began operations at the beginning of 2018 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-18 Apr-18 Aug-18 Nov-18 unts Unit cost 10,000 $4.00 0,000$5.00 10,000 $6.00 10.000$7.00 40,000 Total Cost $40,000 $50,000 $60,000 $70.000 220,000 CROWN uses the first-in, frst-out (FIFO) method, and PRINCE uses the last-n last-out (LIFO) method of inventory. Both companies sold 35.000 units. QUESTION 1: Compute the COST OF GOODs SOLD and INVENTORY for each company. SHOW YOUR CALCULATIONS CROWN PRINCE coGS COGS Inventory Inventory Inventory During the year, both companies had sales (all for credit) of $500,000 QUESTION2: Prepare the following portion of the Income Statement: CROWN PRINCE Sales Revenue COGS Gross Proft GP% " Crown uses the percent of sales method to establish a reserve for bad debt; Prince uses the Aging of Accounts Recelvable CROWN Estimated PERCENT OF SALES FOR BAD DEBT