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with the provided information i need to find: 1. the cost of goods sold and invetory for novemeber 24 2. record the necessary adjusting entry

with the provided information i need to find:
1. the cost of goods sold and invetory for novemeber 24
2. record the necessary adjusting entry for lower of cost and net realizable
3. lastly i need to prepare a mulit-step net income statement
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image text in transcribed
image text in transcribed
November 20 Receive full payment from customers related to the sale on Noverber 16. November 21 Purchase 63 units of inventory from Toad Incorporated for $105 per unit, terms 1/10,n/30. November 24 Seli 78 units of inventory to custoners for cash, $8,400. (Note: For cateulating the cost of inventory sold, ignore the possible purchase discount on Novenber 20.1 Required: 1. Assuming that Yoshl Incorporated uses a FIFO perpetual inventory system to maintain its internal inventory records, record the transactions. 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. 3. Prepare the top section of the multiple-step income statement through gross profit for the month of November after the adjusting entry for lower of cost and net realizable value. Complete this question by entering your answers in the tabs below. Suppose by the end of November that the remaining inventory is estimated to have a net realizabie 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.) Journal en ry worksheet Record any necessary adjusting entry for lower of cost and net realizable value. Note: Enter debits before credits. At the beginning of November, Yoshi incorporated's inventory consists of 53 units with a cost per unit of $95. The following transactions occur during the month of November Novenber 2 Purchase 72 units of inventory on account from Toad Incorporated for $100 per unit, terns 2/10,n/30. Novenber 3 Pay cash for freight charges related to the Novenber 2 purchase, $360. Novenber 9 Return 12 defective units fron the Novenber 2 purchase and receive credit. Novenber 11 Pay Toad Incorporated in full. Novenber 16 Selt 100 units of inventory to customers on account, $13,300. (Hint: The cost of units sold from the Noveaber 2 purchase includes $100 undt cost plus $6 per unit for freight less $2 per unit for the purchase discount, or $104 per unit.) Novenber 20 Receive full paynent fron custoners related to the sale on Novenber 16. Novenber 21 Purchase 63 units of inventory fron Toad Incorporated for $105 per unit, terns 1/10,n/30. Novenber 24 Sell 70 units of Inventory to custoners for cash, $8,400. (Note: For calculating the cost of inventory sold, ignore the possible purchase discount on Novesber 20.4 Required: 1. Assuming that Yoshil Incorporated uses a FFFO perpetual inventory system to maintain its internal inventory records, record the transactions. 2. Suppose by the end of November that the remaining inventory is estimated to have a not realizable value per unit of $80, record any necessary adjustment for the lower of cost and net realizable value. 3. Prepare the top section of the multiple-step income statement through gross profit for the month of November after the adjusting entry for lower of cost and net realizable value. Complete this question by entering your answers in the tabs below. Assuming that Yoshi incorporated uses a FIFO perpetual inventory system to maintain its internal inventory records, record the transactions. (If no entry is required for a transaction/ovent, select "No Journal Entry Required" in the first account, field.) At the beginning of November, Yosht Incorporated's inventory consists of 53 units with a cost per unit of $95. The following transactions occur during the month of November. Novenber 2 Purchase 72 units of inventory on account fron Toad Incorporated for s1ee per unit, teras 2/10, a/30. Novesber 3 Pay cash for freight charges related to the Novenber 2 purchase, $360. Novenber 9 Return 12 defective inits fron the Novenber 2 purchase and receive credit. Novenber 11 Pay Toad Incorporated in full. Novenber 16 Sell 100 units of inventory to custoners on account, $13,300. (Hint: The cost of units sold from the Novenber 2 purchase includes $160 unit cost plus $6 per unit for freight less $2 per unit for the purchase discount, or sies per unit.) Novenber 20 Receive full paynent fron custoners related to the sale on Noveber 16. Noveaber 21 Purchase 63 units of inventory fron Toad Incorporated for s1es per unit, terns 1/1e, n/39. Noventer 24 Sell 70 units of inventory to custoners for cash, $8,400. (Notet For calculating the cost of inventory sold, ignore the possible purchase discount on Novenber 20.) Required: 1. Assuming that Yoshi incorporated us ts a FIFO perpetual inventory system to maintain its internal inventory records, record the transections. 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. 3. Prepare the top section of the multiple-step income statement through gross profit for the month of November after the adjusting entry for lower of cost and net realizable value. Complete this question by entering your answers in the tabs below. Prepare the top section of the multiple-step income stotement through gross profit for the month of November after the adjusting entry for lower of cost and net realizable value

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