You are given the following information for Ivanhoe Company for the month ended November 30, 2021: Date Description Units Unit Price Nov. 1 Beginning inventory 60 $52 9 Purchase 100 46 15 Sale (125) 22 Purchase 150 42 29 Sale (170) 30 Purchase 50 40 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 13390 $ Ending inventory 2630 $ 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 Debit Nov. 22 (To record purchase on account.) Nov. 29 (To record sales on account.) Nov. 29 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 0 for the amounts.) Date Account Titles and Explanation Debit Nov. 22 (To record purchase on account.) Nov. 29 (To record sales on account.) Nov. 29 (To record cost of goods sold.) Calculate gross profit for November. Gross profit $ 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 Debit (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 on the balance sheet would be by $ The on the income statement would be by $ 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? $ as well as the account by the same amount. by $