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uilher Should East Point Toyota use the specific identification cost determi one of the cost formulas? Explain. giventory for the month of November and P6.3A (LO 2, 4) AP You are given the following information for Churchill Company for November 30, 2021: hill Company for the month ended Date Nov. 1 Units Unit Cost $50 15 Description Beginning inventory Purchase Sale Purchase Sale Purchase 150 44 (160) 45 42 Churchill Company uses a perpetual inventory system. All sales and purchases are on account. Instructions a. Calculate the cost of goods sold and the ending inventory using FIFO. b. 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 Novem- ber 29 sale. c. Calculate gross profit for November. d. Assume that at the end of November, the company counted its inventory. There are 73 units on hand. What journal entry, if any, should the company make to record the shortage? e. 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? Taking It Further In what respects does FIFO provide more useful information than weighted average