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Please solve with including the explanation 01. In 2003, Alhmad& CO....

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Accounting

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01. In 2003, Alhmad& CO. (ahardware retail company) sold 100its product at an average price of S400 per unit. The company reported estimated Returns and allowances in 2003 of $200,000. Ahmad & CO purchases of its product from its manufacturer In 2003 at an average cost of $300 per unit. Ahmad & CO. began 2003 with 900 units of is product in inventory (carried at an average cost of s300 per unit). Operating expenses (excluding depreciation) for Ahmad & co. 2003 were $400,00o and depreciation expense was $100,000.Amad& Co. had S2,000,000 in debt outstanding throughout all of 2003. This debt carried an average interest rate of 10 percent. Finally, Ahmad & Co. s tax rate was 40 percent. Ahmad & CO.'s fiscal year runs from January 1 through December 31. Given this information, construct Ahmad & Co.'s 2003 multi-step income statement. What was Ahmad & co.'s 2003 ending inventory ble(in both units and in dollars)

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