At the beginning of November, Yoshi Incorporated's inventory consists of 61 units with a cost per unit of $96. The following transactions occur during the month of November.
Required:
1. Assuming that Yoshi Incorporated uses a FIFO perpetual inventory system to maintain its internal inventory records, record the transactions.
2. Suppose by the end of November that the remaining inventory is estimated to have a net realizable value per unit of $82, record any necessary adjustment for the lower of cost and net realizable value.
3. Prepare the top section of the multiple -step income statement through gross profit for the month of November after the adjusting entry for lower of cost and net realizable value.
any necessary adjustment for the lower of cost and net realizable value. 3. Prepare the top section of the multiple-step income statement through gross profit for the month of November a entry for lower of cost and net realizable value. Complete this question by entering your answers in the tabs below. Assuming that Yoshl Incorporated uses a FIFo perpetual inventory system to maintain its internal inventory records, reco transactions. (If no entry is reguired for a transation transactions. (If no entry is reguired for a transaction/event, select "No Journal Entry Required" in the first account field. Journal entry worksheet any necessary adjustment for the lower of cost and net realizable value. 3. Prepare the top section of the multiple-step income statement through gross profit for the month of November after the adjusting entry for lower of cost and net realizable value. Complete this question by entering your answers in the tabs below. Assuming that Yoshi Incorporated uses a Fifo perpetual inventory system to maintain its internal inventory records, record the transactions. (ff no entry is required for a transactionvevent, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record purchase of 72 units of inventory on account from Tosd Incorporated for $100 per unit, terms 1/10,n/30. Note: Enter debits before credts. Assuming that Yoshi Incorporated uses a FIFO perpetual inventory system to maintain its internal inventory records transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account Journal entry worksheet Note: Enter debits before credits. any necessary adjustment tor the lower of cost and net realizable value. 3. Prepare the top section of the multiple-step income statement through gross profit for the month of November entry for lower of cost and net realizable value. Complete this question by entering your answers in the tabs below. Assuming that Yoshl Incorporated uses a FIFO perpetual inventory system to maintain its internal inventory records, rec transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Journal entry worksheet any necessary adjustment for the lower of cost and net realizable value. 3. Prepare the top section of the multiple-step income statement through gross profit for the month of November afte entry for lower of cost and net realizable value. Complete this question by entering your answers in the tabs below. Suppose by the end of November that the remaining inventory is estimated to have a net realizable value per unit of $82, necessary adjustment for the lower of cost and net realizable value. (If no entry is required for a transaction/event, select Entry Required" in the first account field.) Journal entry worksheet Record any necessary adjusting entry for lower of cost and net realizable value. Note: Enter debits beforn credits. any necessary adjustment tor the lower of cost and net realizable value. 3. Prepare the top section of the multiple-step income statement through gross profit for the month of Novembe entry for lower of cost and net realizable value. Complete this question by entering your answers in the tabs below. Assuming that Yoshi Incorporated uses a FIFO perpetual inventory system to maintain its internal inventory records, transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account fie Journal entry worksheet 7 8 9 10 Record the cost of inventory sold. (Hint: The cost of units sold from the November 2 purchase includes $100 unit cost plus $6 per unit for freight less $1 per unit for the purchase discount, or $105 per unit.) Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Prepare the top section of the multiple-step income statement through gross profit for the month of adjusting entry for lower of cost and net realizable value. 3. Prepare the top section of the multiple-step income statement through gross profit for the month of November afte entry for lower of cost and net realizable value. Complete this question by entering your answers in the tabs below. Assuming that Yoshi Incorporated uses a FIFO perpetual inventory system to maintain its internal inventory records, record transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet At the beginning of November, Yoshi Incorporated's inventory consists of 61 units with a cost per unit of \$96. The following transactions occur during the month of November. November 2 Purchase 72 units of Inventory on nccount from Toad Incorporoted for $100 per unit, terms 1/10,n/30. Novenber 3 Pay cash for freight charges related to the Novenber 2 purchase, 5360 . November 9 Return 12 defective units from the November 2 purchase and recelve credit. November 11 Pay Toad Incorporated in full. Novenber 16 Sell 100 units of inventory to customers on occount, $12,900. (Hint: The cost of units sold from the November 2 purchase includes $100 unit cost plus $6 per unit for freight less $1 per unit for the purchase discount, or $105 per unit.) November 20 Recelve full payent from customers related to the sole on Novenber 16. November 21 Purchase 59 units of inventory from Tosd Incorporated for $106 per unit, terms 3/10,n/30. possible purchase discount on Noventer 20 .) Required: 1. Assuming that Yoshi Incorporated uses a FIFO perpetual inventory system to maintain its internal inventory records, record the transactions. 2 Suppose by the end of November that the remaining inventory is estimated to have a net realizable value per unit of $82, record any necessary adjustment for the lower of cost and net realizable value. 3. Prepare the top section of the multiple:step income statement through oross profit for the month of November after the adjusting entry for lower of cost and net realizable value Complete this question by entering your answers in the tabs below. any necessary adjustment for the lower of cost and net realizable value. 3. Prepare the top section of the multiple-step income statement through gross profit for the month of November after entry for lower of cost and net realizable value. Complete this question by entering your answers in the tabs below. Assuming that Yoshi Incorporated uses a FIFo perpetual inventory system to maintain its internal inventory records, record transactions. (If no entry is required for a transaction/event, select "No Joumal Entry Required" in the first account field.) Journal entry worksheet \begin{tabular}{llllll} 6 & 7 & 8 & 9 & 10 \end{tabular} Record return of 12 defective units from the November 2 purchase and receipt of credit. Note: Enter debits before credits. any necessary adjustment for the lower of cost and net realizable value. 3. Prepare the top section of the multiple-step income statement through gross profit for the month of November after t entry for lower of cost and net realizable value. Complete this question by entering your answers in the tabs below. Assuming that Yoshi Incorporated uses a FIFO perpetual inventory system to maintain its internal inventory records, record the transactions. (If no entry is reguired for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet any necessary adjustment tor the lower of cost and net realizable value. 3. Prepare the top section of the multiple-step income statement through gross profit for the month of November entry for lower of cost and net realizable value. Complete this question by entering your answers in the tabs below. Assuming that Yoshi Incorporated uses a FIFO perpetual inventory system to maintain its internal inventory records, rec transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field Journal entry worksheet Notei Enter debits before credits. any necessary adjustment tor the lower of cost and net realizable value. 3. Prepare the top section of the multiple-step income statement through gross profit for the month of November af entry for lower of cost and net realizable value. Complete this question by entering your answers in the tabs below. Assuming that Yoshi Incorporated uses a FIFO perpetual inventory system to maintain its internal inventory records, reco transactions. (If no entry is reguired for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet
