The CR Horn began 2001 with 60,000 units of inventory that cout $90,000. During 2001, The Gin Honne purchased merchandise an account for $382.500 Click the icon to view the purchases Clash payments on second $305,000 during the year fignore purchase discuta) The On Horse's sale durre 2005 cod of 600.000 units of Inventory for $60,000, at an account. The company the Froinvertory Cash cofections from customers were 830.000. Operating expenses feted $240.500, of which The Horsepad 3211.000 The on Horse credited Accredit for the remainder Al December 31, The Other income tax expense at the top of income before Read the recit Requirements - X Data Table Put 100.000 coing Purth 270.000 ng Purch 100.000 0.000 175.000 119.000 1. Show how The Horse would come to cost of goods sold for 2021 2. Prepare The Gi How's not for 2021 Show sub for the gross profit and incomfort 3. Make summary ouma is to record The Horations for the y, asuming the company priory.pl are not required 4 Delmine the Foot of the Hosending to December 31 2021 wo ways U count b. Multiply the number of units on hard by the cost Delorme The GW's gospodarcentage of entory move and netrare percentage for the year The How Industry, a groussentage of 40% un inventory leveres Derya and arome prentage of ordet How Wat does the report their rad? Print Done on the water Print Done ons from atomers 3630.000. Operating sale $240.500 swich The Go Home paid $211,000 inash The Gian Horse credited Accrued Liabilities for the remainder Af December 31, The bung 221 consisted of 20.000 units of inventory for $660,000, al on account. The company use the FIFO pe X Requirements 1 e Data Table $ 1. Show how The Ga Hone would compute is cost of goods sold for 2021 2. Prepare The On Horse's income statement for 2021. Show subtotals for the gross profit and income before tax 1. Make summary journal entries to record The GI Horse's transactions for the year, suming the companys perpetual inventory system Explanations are not required Determine the FIFO cost of The Gi Horse's ending inventory at December 31, 2021, two ways a. Une a T-account b. Multiply the number of units on hand by the unit cost 5. Determine The Gift Horse's gross profit percentage rate of inventory tumovec and net income as a percentage of sales for the year. The aim Horse's Industry, agros proft percentage of 40%, an inventory lumover of six times per year, and a net income percentage of 7% are considered excellent How well does The On Horse compare to the industry averages? Purchase 1 100,000 scouting Purchase 2 270,000 uniscono Purchase 3 160,000 units costing 25,000 175.500 112.000 piny use Print Dono credit Print Done