3 Required information [The following information applies to the questions displayed below.) At the beginning of November, Yoshi Inc.'s inventory consists of 68 units with a cost per unit of $95. The following transactions occur during the month of November November 2 Purchase 80 units of inventory on account from Toad Inc. for $100 per unit, terms 2/10, 1/30. November 3 Pay cash for freight charges related to the November 2 purchase, $240. November 9 Return 20 defective units from the November 2 purchase and receive credit. November 11 Pay Toad Inc. in full. November 16 Sell 100 units of inventory to customers on account, $12,200. (Hint: The cost of units sold from the November 2 purchase includes $100 unit cost plus $4 per unit for freight less $2 per unit for the purchase discount, or $102 per unit.) November 20 Receive full payment from customers related to the sale on November 16. November 21 Purchase 52 units of inventory from Toad Inc. for $105 per unit, terms 1/10, n/30. November 24 Sell 65 units of nventory to customers for cash, $7,300. (Note: Por calculating the cost of Inventory sold, ignore the possible purchase discount on November 20.) ht nces art 3 of 3 3. Prepare the top section of the multiple-step income statement through gross profit for the month of November after the adjustment for lower of cost and net realizable value. Sints YOSHI INC Multiple-step Income Statement (partial) For the month of November eBook Print References 3 Required information [The following information applies to the questions displayed below.) At the beginning of November, Yoshi Inc.'s inventory consists of 68 units with a cost per unit of $95. The following transactions occur during the month of November November 2 Purchase 80 units of inventory on account from Toad Inc. for $100 per unit, terms 2/10, 1/30. November 3 Pay cash for freight charges related to the November 2 purchase, $240. November 9 Return 20 defective units from the November 2 purchase and receive credit. November 11 Pay Toad Inc. in full. November 16 Sell 100 units of inventory to customers on account, $12,200. (Hint: The cost of units sold from the November 2 purchase includes $100 unit cost plus $4 per unit for freight less $2 per unit for the purchase discount, or $102 per unit.) November 20 Receive full payment from customers related to the sale on November 16. November 21 Purchase 52 units of inventory from Toad Inc. for $105 per unit, terms 1/10, n/30. November 24 Sell 65 units of nventory to customers for cash, $7,300. (Note: Por calculating the cost of Inventory sold, ignore the possible purchase discount on November 20.) ht nces art 3 of 3 3. Prepare the top section of the multiple-step income statement through gross profit for the month of November after the adjustment for lower of cost and net realizable value. Sints YOSHI INC Multiple-step Income Statement (partial) For the month of November eBook Print References