You are given the following information for Blossom Company for the month ended November 30, 2021:

Date		Description		Units				Unit Price
Nov. 1		Beginning inventory			57			$52
9		Purchase			100			45
15		Sale			(120)
22		Purchase			145			42
29		Sale			(170)
30		Purchase			41			40

Blossom Company uses a perpetual inventory system. All sales and purchases are on account.

Calculate gross profit for November.

Gross profit

$

Assume that at the end of November, the company counted its inventory. There are 50 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 0 for the amounts.)

Account Titles and Explanation	Debit	Credit
(To record cost of goods sold.)

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 __________ A accounts B payable C cost of goods sold D sales E accounts receivable F merchandise inventory on the balance sheet would be ________ A understated B overstated by $ , as well as the ______________ A owners drawing B owners capital account by the same amount.

The __________ A accounts payable B merchandise C inventory D cost of goods sold E accounts receivable F sales on the income statement would be _________ A overstated B understated by $____________ .