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 40 41 Ivanhoe Company uses a perpetua inventary system. All sales and purchases are on account Calculate the cost of goods and the ending inventory In FIFO Cost of oos old 5 Endi inventar S 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 Account Titles and Explanation Debit Credit Nov 22 (To record purchase on count) Nov. 29 To record sales on account) Nov 29 (To record cost of coods sold.) Calculate gross profit for November Gross profit $ eTextbook and Media List of Accounts Assume that at the end of November, the company counted its inventory. There are 84 units on hand What journal entry it on should the company make to record the shortage (Credit account titles are automatically indented when the amount is entered, Do not indent manually. I 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 moods sold I the company had not discovered this short, what would be overstated or understated on the balance sheet and income statement and by what amount? The on the balance sheet would be bys as well as the The on the income statement would be Dys Textbook and Media List of Accounts 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 Costot goods sold Ending inventory