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All 3 parts plz :) Problem 6 - 6 B ( Algo ) Record transactions using a perpetual system, prepare a partial income statement, and
All parts plz :)
Problem B Algo Record transactions using a perpetual system, prepare a partial income statement, and adjust for the lower of cost and net realizable value LO
At the beginning of November, Yoshi Incorporated's inventory consists of units with a cost per unit of $ The following transactions occur during the month of November.
November Purchase units of inventory on account from Toad Incorporated for $ per unit, terms
November Pay cash for freight charges related to the November purchase, $
November Return defective units from the November purchase and receive credit.
November Pay Toad Incorporated in full. includes $ unit cost plus $ per unit for freight less $ per unit for the purchase discount, or $ per unit.
November Receive full payment from customers related to the sale on November
November Purchase units of inventory from Toad Incorporated for $ per unit, terms possible purchase discount on November
Required:
Assuming that Yoshi Incorporated uses a FIFO perpetual inventory system to maintain its internal inventory records, record the transactions.
Suppose by the end of November that the remaining inventory is estimated to have a net realizable value per unit of $ record any necessary adjustment for the lower of cost and net realizable value.
Prepare the top section of the multiplestep income statement through gross profit for the month of November after the adjusting entry for lower of cost and net realizable value.
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