You are given the following information for Ivanhoe Company for the month ended November 30, 2021: Units 60 Unit Price $52 46 Date Description Nov. 1 Beginning inventory 9 Purchase 15 Sale 22 Purchase 29 Sale 30 Purchase 100 (125) 150 (170) 50 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 for the amounts.) Debit Credit Date Account Titles and Explanation Nov. 22 Merchandise Inventory 6300 6300 Accounts Payable (To record purchase on account.) Nov. 29 Accounts Receivable 10200 10200 Sales (To record sales on account.) Nov. 29 Cost of Goods Sold Merchandise Inventory (To record cost of goods sold.) Calculate gross profit for November. Gross profit $ e Textbook and Media List of Accounts 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.) 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? on the balance sheet would be as well as the account by the same amount The on the income statement would be