Ivanhoe Ltd., a sports equipment wholesaler, sold $395,000 of merchandise to a customer on November 14, 2021. The merchandise was shipped on November 29, 2021, FOB shipping point and was received by the customer on December 3, 2021. Full payment was received on November 30, 2021. The cost of the merchandise shipped was $215,000. Assuming Ivanhoe Ltd. uses a perpetual inventory system and the earnings approach for revenue recognition. Prepare the journal entry to record revenue in November. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit (To record sales on account.) (To record cost of goods sold.) Determine the date the sales transaction should be recorded. What is the gross profit recognized in November? Gross profit $