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just need help with november 23 thank you! Required information Problem 6-6B Record transactions using a perpetual system, prepare a partial income statement, and adjust
just need help with november 23 thank you!
Required information Problem 6-6B Record transactions using a perpetual system, prepare a partial income statement, and adjust for the lower of cost and net realizable value(L06-2, 6-3, 6-4, 6-5, 6-6) [The following information applies to the questions displayed below.) 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, terns 3/10, n/30. November 3 Pay cash for freight charges related to the November 2 purchase, $340. November 9 Return 17 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, $12,100. (Hint: The cost of units sold from the November 2 purchase includes $100 unit cost plus $5 per unit for freight less 33 per unit for 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 $184 per unit, terms 2/10, n/30. November 24 Sell 60 units of inventory to custoners for cash, $7,200. (Note: For calculating the cost of inventory sold, ignore the possible purchase discount on November 20.) Problem 6-6B Part 1 of Required: 1. Assuming that Yoshi Inc. uses a FIFO perpetual inventory system to maintain its internal inventory records, record the transactions, (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View Journal entry worksheet No Date General Journal Debit Credit 03.03.59 1 8500 November 02 Inventory Accounts Payabio 8,500 eBook . 2 340 November 03 Inventory Cash 340 Print 3 November 00 1,445 Accounts Payable Inventory 1,445 References 4 November 11 7055 Accounts Payable Inventory Cash 212 6,843 5 12.100 November 16 Accounts Receivable Sales Revue 1.210 *** Required information 212 Inventory Cash 6,843 12,100 5 November 16 Accounts Receivable 1,210 Sales Revenue 10,200 6 November 16 Cost of Goods Sold 10,200 Inventory 7 12.100 Cash November 20 12,100 Accounts Receivable 5,304 8 November 21 Inventory Accounts Payablo 5,304 7.200 9 November 24 Cash Sales Revenue 7,200 10 November 24 Cost of Goods Sold Inventory Step by Step Solution
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