At the beginning of November, Yoshi Inc.’s inventory consists of 60 units with a cost per unit of $94. The following transactions occur during the month of November.
November 2 Purchase 90 units of inventory on account from Toad Inc. for $100 per unit, terms 3/10, n/30.
November 3 Pay freight charges related to the November 2 purchase, $231.
November 9 Return 13 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, $14,000. The cost of units sold from the November 2 purchase includes $100 unit cost plus $3 per unit for freight less $3 per unit for the purchase discount, or $100 per unit.
November 20 Receive full payment from customers related to the sale on November 16.
November 21 Purchase 70 units of inventory from Toad Inc. for $104 per unit, terms 2/10, n/30.
November 24 Sell 90 units of inventory to customers for cash, $12,600.

Required:
1. Assuming that Yoshi Inc. uses a FIFO perpetual inventory system to maintain its internal inventory records, record the transactions.
2. Assuming for preparing financial statements that Yoshi Inc. reports inventory using LIFO, record the LIFO adjustment.
3. Suppose by the end of November that the remaining inventory is estimated to have a market value per unit of $81, record any necessary adjustment for the lower-of-cost-or-market method after the LIFO adjustment.
4. Prepare the top section of the multiple-step income statement through gross profit for the month of November after the lower-of-cost-or-market adjustment.