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At the beginning of November, Yoshi Incorporated's inventory consists of 53 units with a cost per unit of $95. The following transactions occur during the month of November. November 2 Purchase 72 units of inventory on account from Toad Incorporated for $100 per unit, terms 2/10, n/30. November 3 Pay cash for freight charges related to the November 2 purchase, $360. November 9 Return 12 defective units from the November 2 purchase and receive credit. November 11 Pay Toad Incorporated in futl. November 16 Sell 100 units of inventory to customers on account, $13,300. (Hint: The cost of units sold from the November 2 purchase includes $100 unit cost plus $6 per unit for freight less $2 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 63 units of inventory from Toad Incorporated for $105 per unit, terms 1/10,n/30. November 24 Sell 70 units of inventory to customers for cash, $8,400. (Note: For calculating the cost of inventory sold, ignore the possible purchase discount on November 20.) Required: 1. Assuming that Yoshi Incorporated uses a FIFO perpetual inventory system to maintain its internal inventory records, record the transactions. 2. Suppose by the end of November that the remaining inventory is estimated to have a net realizable value per unit of $80, record any necessary adjustment for the lower of cost and net realizable value. 3. Prepare the top section of the multiple-step income statement through gross profit for the month of November after the adjusting entry for lower of cost and net realizable value. Complete this question by entering your answers in the tabs below. Assuming that Yoshi Incorporated 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.) Assuming that Yoshi Incorporated uses a FIFO perpetual inventory system to maintain its internal inventory records, recol he transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account fie November 11 Inventory: $120=$6,0002% November 16 Cost of inventory sold: $9,923=($9553 units )+($10447 units ) November 24 Cost of inventory sold: $7,337=($10013 units) +($10557 units) 2. The net realizable value of ending inventory ($480=$80 net realizable value 6 units) is $150 less than FIF 3. Cost of goods sold equals the cost of the units sold ($17,260) + write down to net realizable value ($150). Required: 1. Assuming that Yoshi Incorporated uses a FIFO perpetual inventory system to maintain its internal inventory records, record the transactions. 2. Suppose by the end of November that the remaining inventory is estimated to have a net realizable value per unit of $80, recorc any necessary adjustment for the lower of cost and net realizable value. 3. Prepare the top section of the multiple-step income statement through gross profit for the month of November after the adjustin entry for lower of cost and net realizable value. Complete this question by entering your answers in the tabs below. Suppose by the end of November that the remaining inventory is estimated to have a net realizable value per unit of $80, record any necessary adjustment for the lower of cost and net realizable value. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Required: 1. Assuming that Yoshi Incorporated uses a FIFO perpetual inventory system to maintain its internal inventory records, record the transactions. 2. Suppose by the end of November that the remaining inventory is estimated to have a net realizable value per unit of $80, record any necessary adjustment for the lower of cost and net realizable value. 3. Prepare the top section of the multiple-step income statement through gross profit for the month of November after the adjusting entry for lower of cost and net realizable value. Complete this question by entering your answers in the tabs below. Prepare the top section of the multiple-step income statement through gross profit for the month of November after the adjusting entry for lower of cost and net realizable value
