At the beginning of November, Yoshi Inc's inventory consists of 67 units with a cost per unit of $96. The followingtransactions occur during the month of November.November 2 Purchase 75 units of inventory on account from Toad Inc. for $100 per unit, terms 1/10, n/30.November 3 Pay cash for freight charges related to the November 2 purchase, $150.November 9 Return 25 defective units from the November 2 purchase and receive credit.November 11 Pay Toad Inc. in full.November 16 Sell 100 units of inventory to customers on account, $12,300. [Hint: The cost of units sold from theNovember 2 purchase includes $100 unit cost plus $3 per unit for freight less $1 per unit for the purchasediscount, or $102 per unit.]November 20 Receive full payment from customers related to the sale on November 16.November 21 Purchase 53 units of inventory from Toad Inc. for $106 per unit, terms 3/10, n/30.November 24 Sell 65 units of inventory to customers for cash, $7,400. (Note: For calculating the cost of inventorysold, ignore the possible purchase discount on November 20.)2. Suppose by the end of November that the remaining inventory is estimated to have a net realizable value per unit of $82, recordany necessary adjustment for the lower of cost and net realizable value. (If no entry is required for a transaction/event, select "NoJournal Entry Required" in the first account field.)View transaction listJournal entry worksheet1>Record the adjustment of inventory to net realizable value.Note: Enter debits before credits.DateGeneral JournalDebitCreditNovember30

Name: At the beginning of November, Yoshi Inc's inventory consists of 67 un
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Description: At the beginning of November, Yoshi Inc's inventory consists of 67 units with a cost per unit of $96. The followingtransactions occur during the month of November.November 2 Purchase 75 units of inventory on account from Toad Inc. for $100 per unit,

The inventory is recorded at the lower of cost or net realizable value under the conservatism…

Business

Accounting

2. Suppose by the end of November that the remaining inventory is estimated to have a net realizable value per unit of $82, record any necessary adjustment for the lower of cost and net realizable value. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

2. Suppose by the end of November that the remaining inventory is estimated to have a net realizable value per unit of $82, record any necessary adjustment for the lower of cost and net realizable value. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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