My answer is incorrect.
OD using sys, , adjust for the lower of cost and net realizable value(LO6-2, 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 70 units with a cost per unit of $96. The following transactions occur during the month of November. November 2 Purchase 72 units of inventory on account from Toad Inc. for $100 per unit, terms 1/10, 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 Inc. in full. November 16 Sell 100 units of inventory to customers on account, $12,000. [Hint: The cost of units sold from the November 2 purchase includes $100 unit cost plus $6 per unit for freight less $1 per unit for the purchase discount, or $105 per unit.] November 20 Receive full payment from customers related to the sale on November 16. November 21 Purchase 50 units of inventory from Toad Inc. for $106 per unit, terms 3/10, n/30. November 24 Sell 60 units of inventory to customers for cash, $7,100. (Note: For calculating the cost of inventory sold, ignore the possible purchase discount on November 20.) Problem 6-6B Part 3 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 19,100 16,860 Gross Profit $ 2,240 OD using sys, , adjust for the lower of cost and net realizable value(LO6-2, 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 70 units with a cost per unit of $96. The following transactions occur during the month of November. November 2 Purchase 72 units of inventory on account from Toad Inc. for $100 per unit, terms 1/10, 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 Inc. in full. November 16 Sell 100 units of inventory to customers on account, $12,000. [Hint: The cost of units sold from the November 2 purchase includes $100 unit cost plus $6 per unit for freight less $1 per unit for the purchase discount, or $105 per unit.] November 20 Receive full payment from customers related to the sale on November 16. November 21 Purchase 50 units of inventory from Toad Inc. for $106 per unit, terms 3/10, n/30. November 24 Sell 60 units of inventory to customers for cash, $7,100. (Note: For calculating the cost of inventory sold, ignore the possible purchase discount on November 20.) Problem 6-6B Part 3 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 19,100 16,860 Gross Profit $ 2,240
