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 65 units with a cost per unit of $95. The following transactions occur during the month of November. November 2 Purchase 66 units of inventory on account from Toad Inc. for $100 per unit, terms 2/10, n/30. November 3 Pay cash for freight charges related to the November 2 purch urchase, $330. November 9 Return 11 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, $12,500. [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 55 units of inventory from Toad Inc. for $105 per unit, terms 1/10, n/30. November 24 Sell 70 units of inventory to customers for cash, $7,600. 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 $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.) 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. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the adjustment of inventory to net realizable value. Note: Enter debits before credits. General Journal Debit Credit Date November 30 transactions occur during the month of November. November 2 Purchase 66 units of inventory on account from Toad Inc. for $100 per unit, terms 2/10, n/30. November 3 Pay cash for freight charges related to the November 2 purchase, $330. November 9 Return 11 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, $12,500. (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 55 units of inventory from Toad Inc. for $105 per unit, terms 1/10, n/30. November 24 Sell 70 units of inventory to customers for cash, $7,600. 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 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 65 units with a cost per unit of $95. The following transactions occur during the month of November. November 2 Purchase 66 units of inventory on account from Toad Inc. for $100 per unit, terms 2/10, n/30. November 3 Pay cash for freight charges related to the November 2 purch urchase, $330. November 9 Return 11 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, $12,500. [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 55 units of inventory from Toad Inc. for $105 per unit, terms 1/10, n/30. November 24 Sell 70 units of inventory to customers for cash, $7,600. 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 $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.) 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. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the adjustment of inventory to net realizable value. Note: Enter debits before credits. General Journal Debit Credit Date November 30 transactions occur during the month of November. November 2 Purchase 66 units of inventory on account from Toad Inc. for $100 per unit, terms 2/10, n/30. November 3 Pay cash for freight charges related to the November 2 purchase, $330. November 9 Return 11 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, $12,500. (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 55 units of inventory from Toad Inc. for $105 per unit, terms 1/10, n/30. November 24 Sell 70 units of inventory to customers for cash, $7,600. 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