Q5: A portion of Howe com. Balance sheet appears below: Howe com. pays tor all...
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Q5: A portion of Howe com. Balance sheet appears below: Howe com. pays tor all operating expenses with cash, and purchases all inventory on credit. During 2021 , cash totaling 471700$ was Paid on Accounts payable. Operating expenses for 2021 forprapz totaled 220000$. All sales are cash sales. The com. Purchased 1500 units for each month at 32.6$ per unit in January 2021 and increased 0.1 \$per unit for each month later. Sales price during 2021 is 50$ per unit. The ending inventory for 2020 was valued at 32.5$ per unit. Required: 1) Compute the number of units sold during 2021. 2) Compute the Dec.3\$, 2021 amount payable balance. 3) Compute the beginning inventory quantity. 4) Compute the ending inventory 2021 quantity and value. 5) Prepare an income statement for 2021 (including a detailed cost of goods sold section)
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