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Need help with 6 &10 Required: 1. Assuming that Yoshi Inc. uses a FIFO perpetual inventory system to maintain its internal inventory records, record the
Need help with 6 &10
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.) ! 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(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.) Journal entry worksheet Record the cost of inventory sold. Note: Enter debits before credits. Date General Journal Debit Credit November 16 Cost of Goods Sold Inventory Record entry Clear entry View general journal Journal entry worksheet Record the cost of inventory sold. Note: Enter debits before credits. Date General Journal Debit Credit November 24 Cost of Goods Sold Inventory Record entry Clear entry View general journalStep by Step Solution
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