At the beginning of November, Yoshi Incorporated's inventory consists of 53 units with a cost per unit of $95. The following transactions occur during the month of November. November 2 Purchase 72 units of inventory on account from Toad Incorporated for $100 per unit, terms 2/10, n/30. November 3 Pay cash for freight charges related to the November 2 purchase, $360. November 9 Return 12 defective units from the November 2 purchase and receive credit. November 11 Pay Toad Incorporated in full. November 16 Sell 100 units of inventory to customers on account, $13,300. (Hint: The cost of units sold from the November 2 purchase includes $100 unit cost plus $6 per unit for freight less $2 per unit for the purchase discount, or $104 per unit.) November 20 Receive full payment from customers related to the sale on November 16 . November 21 Purchase 63 units of inventory from Toad Incorporated for $105 per unit, terms 1/10, n/30. November 24 Sell 70 units of inventory to customers for cash, $8,400. (Note: For calculating the cost of inventory sold, ignore the possible purchase discount on November 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 $80, 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. At the beginning of November, Yoshi Incorporated's Inventory consists of 53 units with a cost per unit of $95. The following transactions occur during the month of November. November 2 Purchase 72 units of inventory on account from Toad Incorporated for \$100 per unit, terms 2/10, n/30. November 3 Pay cash for freight charges related to the November 2 purchase, \$360. November 9 Return 12 defective units from the November 2 purchase and receive credit. November 11 Pay Toad Incorporated in full. November 16 Sell 100 units of inventory to customers on account, \$13,30. (Hint: The cost of units sold from the November 2 purchase includes $100 unit cost plus $6 per unit for freight less $2 per unit for the purchase discount, or $104 per unit.) November 20 Receive full payment from customers related to the sale on November 16. November 21 Purchase 63 units of inventory from Toad Incorporated for $105 per unit, terms 1/10, n/30. November 24 Sell 70 units of inventory to customers for cash, \$8, 40e. (Note: For calculating the cost of inventory sold, ignore the possible purchase discount on November 20.) Requlred: 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 \$80, 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. Answer is not complete. 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 $80, record any necessary adjustment for the lower of cost and net realizable value. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) At the beginning of November, Yoshi Incorporated's Inventory consists of 53 units with a cost per unit of $95. The following transactions occur during the month of November. November 2 Purchase 72 units of inventory on account from Toad Incorporated for \$10 per unit, terms 2/10, n/36. November 3 Pay cash for freight charges related to the November 2 purchase, $360. November 9 Return 12 defective units from the November 2 purchase and receive credit. November 11 Pay Toad Incorporated in full. November 16 Sell 100 units of inventory to customers on account, $13,300. (Hint: The cost of units sold from the November 2 purchase includes $100 unit cost plus $6 per unit for freight less $2 per unit for the purchase discount, or $104 per unit.) November 20 Receive full payment from customers related to the sale on November 16. November 21 Purchase 63 units of inventory from Toad Incorporated for $105 per unit, terms 1/10, n/30. November 24 Sell 70 units of inventory to customers for cash, \$8, 400 . (Note: For calculating the cost of inventory sold, ignore the possible purchase discount on November 20.) Requlred: 1. Assuming that Yoshl Incorporated uses a FIFO perpetual Inventory system to malntain 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 $80, 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. Answer is not complete. 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 November after the adjusting entry for lover of cost and net realizable value
