eyolus.com/courses/28010/assignments/2791325?module item id-10066243 You are given the following information for Cullumber Company for the month ended November 30, 2021: Unit ons Date Description Nov. 1 Beginning inventory Units Price 58 $52 9 Purchase 100 46 15 Sale (125) 22 Purchase 145 42 29 Sale (170) 30 Purchase 48 41 Cullumber Company uses a perpetual inventory system. All sales and purchases are on account. Calculate the cost of goods sold and the ending inventory using FIFO Cost of goods sold Ending inventory $ eTextbook and Media List of Accounts Assume the sales price was $66 per unit for the goods sold on November 15, and $60 per unit for the sale on November 29. Prepare journal entries t Assume the sales price was $66 per unit for the goods sold on November 15, and $60 per unit for the sale on November 29. Prepare journal entries to record the November 22 purchase and the November 29 sale. (Credit account titles are automaticolly indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts) Date Account Titles and Explanation Debit Credit Nov. 22 (To record purchase on account.) Nov. 29 (To record sales on account.) Nov. 29 (To record cost of goods sold.) eTextbook and Media List of Accounts Calculate gross profit for November Gross profit 953 AM do ENG 2019-10-18 com/courses/28010/assignments/2791325?module item id-10066243 Assume that at the end of November, the company counted its inventory. There are 52 units on hand. What journal entry, if any, should the company make to record the shortage? (Credit account titles are automatically indented when the amount is entered. Do not indent manualy. If no entry Is required, select "No Entry" for the account titles and enter 0for the amounts) Account Titles and Explanation Debit Credit (To record cost of goods sold.) eTextbook and Media List of Accounts If the company had not discovered this shortage, what would be overstated or understated on the balance sheet and income statement and by what amount? The on the balance sheet would be by $ as well as the accoun The on the income statement would be by $ eTextbook and Media List of Accounts 954 AM ENG 2019-10-18 eyolus.com/courses/28010/assignments/2791325?module item id-10066243 You are given the following information for Cullumber Company for the month ended November 30, 2021: Unit ons Date Description Nov. 1 Beginning inventory Units Price 58 $52 9 Purchase 100 46 15 Sale (125) 22 Purchase 145 42 29 Sale (170) 30 Purchase 48 41 Cullumber Company uses a perpetual inventory system. All sales and purchases are on account. Calculate the cost of goods sold and the ending inventory using FIFO Cost of goods sold Ending inventory $ eTextbook and Media List of Accounts Assume the sales price was $66 per unit for the goods sold on November 15, and $60 per unit for the sale on November 29. Prepare journal entries t Assume the sales price was $66 per unit for the goods sold on November 15, and $60 per unit for the sale on November 29. Prepare journal entries to record the November 22 purchase and the November 29 sale. (Credit account titles are automaticolly indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts) Date Account Titles and Explanation Debit Credit Nov. 22 (To record purchase on account.) Nov. 29 (To record sales on account.) Nov. 29 (To record cost of goods sold.) eTextbook and Media List of Accounts Calculate gross profit for November Gross profit 953 AM do ENG 2019-10-18 com/courses/28010/assignments/2791325?module item id-10066243 Assume that at the end of November, the company counted its inventory. There are 52 units on hand. What journal entry, if any, should the company make to record the shortage? (Credit account titles are automatically indented when the amount is entered. Do not indent manualy. If no entry Is required, select "No Entry" for the account titles and enter 0for the amounts) Account Titles and Explanation Debit Credit (To record cost of goods sold.) eTextbook and Media List of Accounts If the company had not discovered this shortage, what would be overstated or understated on the balance sheet and income statement and by what amount? The on the balance sheet would be by $ as well as the accoun The on the income statement would be by $ eTextbook and Media List of Accounts 954 AM ENG 2019-10-18
