eginning following transactions occur during the month of November. a cost per 95. November 2 Purchase 100 units of inventory on account from Toad Inc. for $100 per unit, terms 2/10, n/30. November 3 Pay cash for freight charges related to the November 2 purchase, $300. 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, $13,900. [Hint: The cost of units sold from the November 2 purchase includes $100 unit cost plus $4 per unit for freight less $2 per unit for the purchase discount, or $102 per unit.] November 20 Receive full payment from customers related to the sale on November 16. November 21 Purchase 69 units of inventory from Toad Inc. for $105 per unit, terms 1/10, n/30. November 24 Sell 90 units of inventory to customers for cash, $9,000. ired: suming that Yoshi Inc. uses a FIFO perpetual inventory system to maintain its internal inventory records, record the
eginning following transactions occur during the month of November. a cost per 95. November 2 Purchase 100 units of inventory on account from Toad Inc. for $100 per unit, terms 2/10, n/30. November 3 Pay cash for freight charges related to the November 2 purchase, $300. 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, $13,900. [Hint: The cost of units sold from the November 2 purchase includes $100 unit cost plus $4 per unit for freight less $2 per unit for the purchase discount, or $102 per unit.] November 20 Receive full payment from customers related to the sale on November 16. November 21 Purchase 69 units of inventory from Toad Inc. for $105 per unit, terms 1/10, n/30. November 24 Sell 90 units of inventory to customers for cash, $9,000. ired: suming that Yoshi Inc. uses a FIFO perpetual inventory system to maintain its internal inventory records, record the
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please do not give image format
![Required information
[The following information applies to the questions displayed below.]
At the beginning of November, Yoshi Inc.'s inventory consists of 59 units with a cost per unit of $95. The
following transactions occur during the month of November.
November 2 Purchase 100 units of inventory on account from Toad Inc. for $100
per unit, terms 2/10, n/30.
November 3 Pay cash for freight charges related to the November 2 purchase,
$300.
990
November 9 Return 25 defective units from the November 2 purchase and receive
credit.
Crea
November 11 Pay Toad Inc. in full.
November 16 Sell 100 units of inventory to customers on account, $13,900.
[Hint: The cost of units sold from the November 2 purchase
includes $100 unit cost plus $4 per unit for freight less $2 per
unit for the purchase discount, or $102 per unit.]
November 20 Receive full payment from customers related to the sale on
November 16.
November 21 Purchase 69 units of inventory from Toad Inc. for $105 per unit,
terms 1/10, n/30.
November 24 Sell 90 units of inventory to customers for cash, $9,000.
Required:
1. Assuming that Yoshi Inc. uses a FIFO perpetual inventory system to maintain its internal inventory records, record the
transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account
field.)
View transaction list
Journal entry worksheet
<
1 2 3 4 5 6 7
8 9
Record purchase of 100 units of inventory on account
from Toad Inc. for $100 per unit, terms 2/10, n/30.
Note: Enter debits before credits.
General Journal
Date
November
02
Record entry
Clear entry
10
Debit Credit
View general journal
>](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fceb25980-a9cf-45fd-b737-35ba11f386b4%2Fc508ede6-aa5e-42fc-97ed-9a61b8ecd5c1%2Fh4imkx_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
At the beginning of November, Yoshi Inc.'s inventory consists of 59 units with a cost per unit of $95. The
following transactions occur during the month of November.
November 2 Purchase 100 units of inventory on account from Toad Inc. for $100
per unit, terms 2/10, n/30.
November 3 Pay cash for freight charges related to the November 2 purchase,
$300.
990
November 9 Return 25 defective units from the November 2 purchase and receive
credit.
Crea
November 11 Pay Toad Inc. in full.
November 16 Sell 100 units of inventory to customers on account, $13,900.
[Hint: The cost of units sold from the November 2 purchase
includes $100 unit cost plus $4 per unit for freight less $2 per
unit for the purchase discount, or $102 per unit.]
November 20 Receive full payment from customers related to the sale on
November 16.
November 21 Purchase 69 units of inventory from Toad Inc. for $105 per unit,
terms 1/10, n/30.
November 24 Sell 90 units of inventory to customers for cash, $9,000.
Required:
1. Assuming that Yoshi Inc. uses a FIFO perpetual inventory system to maintain its internal inventory records, record the
transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account
field.)
View transaction list
Journal entry worksheet
<
1 2 3 4 5 6 7
8 9
Record purchase of 100 units of inventory on account
from Toad Inc. for $100 per unit, terms 2/10, n/30.
Note: Enter debits before credits.
General Journal
Date
November
02
Record entry
Clear entry
10
Debit Credit
View general journal
>
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