tions You are given the following information for Ivanhoe Company for the month ended November 30, 2021: 100 Date Description Nov. 1 Beginning inventory 9 Purchase 15 Sale 22 Purchase 29 Sale 30 Purchase Units Unit Price 60 $52 46 (125) 150 - 42 (170) 50 Ivanhoe Company uses a perpetual inventory system. All sales and purchases are on account. Calculate the cost of goods sold and the ending inventory using FIFO. Cost of goods sold Ending inventory $ Assume the sales price was $66 per unit for the goods sold on November 15, and $60 per unit for the sale on November 29. Prepare journal entries to record the November 22 purchase and the November 29 sale (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Nov. 22 (To record purchase on account.) Nov. 29 (To record sales on account.) Nov. 29 (To record cost of goods sold.) e Textbook and Media List of Accounts Calculate gross profit for November. Gross profit Assume the sales price was $66 per unit for the goods sold on November 15, and $60 per unit for the sale on November 29. Prepare journal entries to record the November 22 purchase and the November 29 sale. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Debit Credit Assume that at the end of November, the company counted its inventory. There are 62 units on hand. What journal entry, if any, should the company make to record the shortage? (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation (To record cost of goods sold.) e Textbook and Media List of Accounts If the company had not discovered this shortage, what would be overstated or understated on the balance sheet and income statement and by what amount? The on the balance she The on the income sta Assume that at the end of November, the company counted its inventory. There are 62 units on hand. What journal entry, if any, should the company make to record the shortage? (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts.) Debit Credit e Textbook and Media List of Accounts If the company had not discovered this shortage, what would be overstated or understated on the balance sheet and income statement and by what amount? on the balance sheet would be on the income statement would be Taytbook and More Assume that at the end of November, the company counted its inventory. There are 62 units on hand. What journal entry, if any, should the company make to record the shortage? (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Debit Credit e Textbook and Media List of Accounts If the company had not discovered this shortage what would be overstated or understated on the balance sheet and income statement and by what amount? by $ by $ e Textbook and Media List of Accounts Attempts: 0 of 3 used Assume that at the end of November, the company counted its inventory. There are 62 units on hand. What journal entry, if any, should the company make to record the shortage? (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Debit Credit e Textbook and Media List of Accounts If the company had not discovered this shortage, what would be overstated or understated on the balance sheet and income statement and by what amount? account by the same amount