Accounting Question:

You are given the following information for Blossom Company for the month ended November 30, 2021: Unit Price $49 46 Date Nov. 1 9 15 22 29 30 Description Beginning inventory Purchase Sale Purchase Sale Purchase Units 60 100 (125) 145 (150) 41 43 42 Blossom Company uses a perpetual inventory system. All sales and purchases are on account Calculate the cost of goods sold and the ending inventory using FIFO. Cost of goods sold $ 12460.94 Ending inventory $ 3036 Assume the sales price was $66 per unit for the goods sold on November 15, and $60 per unit for the sale on November 29. Prepare journal entries to record the November 22 purchase and the November 29 sale. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and entero for the amounts) Debit Credit Date Account Titles and Explanation Nov.22 (To record purchase on account.) Nov. 29 (To record sales on account.) Nov. 29 (To record cost of goods sold.) Calculate gross prot for November Gross profit $ Assume that at the end of November, the company counted its inventory. There are 57 units on hand. What journal entry.if any. should the company make to record the shortage? (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit (To record cost of goods sold.) If the company had not discovered this shortage, what would be overstated or understated on the balance sheet and income statement and by what amount? The on the balance sheet would be by $ as well The on the income statement would be