At the beginning of November, Yoshi Inc.'s inventory consists of 52 units with a cost per unit of $96. The following transactions occur during the month of November November 2 Purchase 80 units of inventory on account from Toad Inc. for $100 per unit, terms 1/10, n/30. November 3 Pay cash for freight charges related to the November 2 purchase, $320. November 9 Return 16 defective units from the November 2 purchase and receive credit. November 11 Pay Toad Inc. in full. November 16 Sell 100 units of inventory to customers on account, $13,200. [Hint: The cost of units sold from the November 2 purchase includes $100 unit cost plus $5 per unit for freight less $1 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 62 units of inventory from Toad Inc. for $106 per unit, terms 3/10, n/30. November 24 Sell 70 units of inventory to customers for cash, $8,300. (Note: For calculating the cost of inventory sold, ignore the possible purchase discount on November 20.) 3. Prepare the top section of the multiple-step income statement through gross profit for the month of November after the adjustment for lower of cost and net realizable value. YOSHI INC. Multiple-step Income Statement (partial) For the month of November Net Sales $ 21,500 Cost of Good Sold Gross Profit Journal entry worksheet T ( 1 2 3 4 5 CO 7 Record the cost of inventory sold. Note: Enter debits before credits. General Journal Debi Date November 16 Cost of Goods Sold > Inventory Record entry Clear entry At the beginning of November, Yoshi Inc.'s inventory consists of 52 units with a cost per unit of $96. The following transactions occur during the month of November November 2 Purchase 80 units of inventory on account from Toad Inc. for $100 per unit, terms 1/10, n/30. November 3 Pay cash for freight charges related to the November 2 purchase, $320. November 9 Return 16 defective units from the November 2 purchase and receive credit. November 11 Pay Toad Inc. in full. November 16 Sell 100 units of inventory to customers on account, $13,200. [Hint: The cost of units sold from the November 2 purchase includes $100 unit cost plus $5 per unit for freight less $1 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 62 units of inventory from Toad Inc. for $106 per unit, terms 3/10, n/30. November 24 Sell 70 units of inventory to customers for cash, $8,300. (Note: For calculating the cost of inventory sold, ignore the possible purchase discount on November 20.) 3. Prepare the top section of the multiple-step income statement through gross profit for the month of November after the adjustment for lower of cost and net realizable value. YOSHI INC. Multiple-step Income Statement (partial) For the month of November Net Sales $ 21,500 Cost of Good Sold Gross Profit Journal entry worksheet T ( 1 2 3 4 5 CO 7 Record the cost of inventory sold. Note: Enter debits before credits. General Journal Debi Date November 16 Cost of Goods Sold > Inventory Record entry Clear entry