You are given the following information for Ivanhoe Company for the month ended November 30, 2021: Unit Price $48 44 Date Nov. 1 9 15 22 29 30 Description Beginning inventory Purchase Sale Purchase Sale Purchase Units 56 110 (125) 155 (150) 40 43 41 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 C - pagt * 1 . 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 entero for the amounts.) Date Debit Nov. 22 Credit Account Titles and Explanation Merchandise Inventory Accounts Payable (To record purchase on account.) Nov. 29 Accounts Receivable Sales (To record sales on account.) Cost of Goods Sold Nov. 29 I Merchandise Inventory (To record cost of goods sold.) e Texthonk and Media Calculate gross profit for November. Gross pront Assume that at the end of November, the company counted its inventory. There are 84 units on hand. What journal entry, 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 Cost of Goods Sold Merchandise Inventory (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 merchandise inventory on the balance sheet would be One by s as well as the The on the income statement would be understand by