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 52 units with a cost per unit of $96. The following transactions occur during the month of November. November 2 Purchase 80 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, $320. November 9 Return 16 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, $13,200. [Hint: The cost of units sold from the November 2 purchase includes $100 unit cost plus $5 per unit for freight less $1 per unit for the purchase discount, or $104 per unit.j November 20 Receive full payment from customers related to the sale on November 16. November 21 Purchase 62 units of inventory from Toad Inc. for $106 per unit, terms 3/10, n/30. November 24 Sell 70 units of inventory to customers for cash, $8,300. (Note: For calculating the cost of inventory sold, ignore the possible purchase discount on November 20.) Problem 6-6B Part 1 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.) Credit No 1 Answer is complete but not entirely correct. Date General Journal Debit November 02 Inventory 8,000 Accounts Payable 8,000 2 320 November 03 Inventory Cash 3 320 3 1,600 November 09 Accounts Payable Inventory 1,600 4 6,400 November 11 Accounts Payable Inventory Cash 64 6,336 5 November 16 Accounts Receivable Sales Revenue 12,600X 12,600X 6 8 8 8 8 November 16 Cost of Goods Sold Inventory 9,888X 9,888X 7 12,600X November 20 Cash Accounts Receivable 12,600X 8 5,936X November 21 Inventory Accounts Payable 5,936X 9 7,700X November 24 Cash Sales Revenue 7,7008 7,700X 10 November 24 Cost of Goods Sold Inventory 8 7,364 7,364 Problem 6-6B Part 2 2. Suppose by the end of November that the remaining inventory is estimated to have a net realizable value per unit of $82, 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.) Credit No 1 Answer is complete but not entirely correct. Date General Journal Debit November 30 Cost of Goods Sold 336 Inventory 336