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 54 units with a cost per unit of $94. The following transactions occur during the month of November. November 2 Purchase 90 units of inventory on account from Toad Inc. for $100 per unit, terms 3/10, n/30. November 3 Pay cash for freight charges related to the November 2 purchase, $180. November 9 Return 30 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, $13,400. (Hint: The cost of units sold from the November 2 purchase includes $100 unit cost plus $3 per unit for freight less $3 per unit for the purchase discount, or $100 per unit.) November 20 Receive full payment from customers related to the sale on November 16. 04 units of inventory from Toad Inc. for $104 per unit, terms 2/10, n/30. November 24 Sell 70 units of inventory to customers for cash, $8,500. 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 $81, 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 View journal entry worksheet No Date General Journal Debit Credit 1 November 30 Cost of Goods Sold Inventory 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 54 units with a cost per unit of $94. The following transactions occur during the month of November. November 2 Purchase 90 units of inventory on account from Toad Inc. for $100 per unit, terms 3/10, n/30. November 3 Pay cash for freight charges related to the November 2 purchase, $180. November 9 Return 30 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, $13,400. (Hint: The cost of units sold from the November 2 purchase includes $100 unit cost plus $3 per unit for freight less $3 per unit for the purchase discount, or $100 per unit.) November 20 Receive full payment from customers related to the sale on November 16. 04 units of inventory from Toad Inc. for $104 per unit, terms 2/10, n/30. November 24 Sell 70 units of inventory to customers for cash, $8,500. 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 $81, 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 View journal entry worksheet No Date General Journal Debit Credit 1 November 30 Cost of Goods Sold Inventory
