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At the beginning of November, Yoshi Inc's inventory consists of 69 units with a cost per unit of $94. The following transactions occur during the
At the beginning of November, Yoshi Inc's inventory consists of 69 units with a cost per unit of $94. The following transactions occur during the month of November November 2 Purchase 85 units of inventory on account from Toad Inc. for $100 per unit, terma 3/10, n/30. November 3 Pay cash for freight charges related to the November 2 purchase, $340. November 9 Return 17 detective 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, $12,100. (Nints The cost of units sold from the November 2 purchase includes $100 unit cont plus $5 per unit for freight loss $3 per unit tor the purchase discount, or $102 per unit.) November 20 Receive full payment from customers related to the sale on November 16. November 21 Purchase 51 units of inventory from Toad Inc. for $104 per unit, terna 2/10, n/30. November 24 Se11 60 units of inventory to customers for cash, $7,200. (Note: Por calculating the cont 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 Cost of Good Sold
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