You are given the following information for Pharoah Company for the month ended November 30, 2021:...

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You are given the following information for Pharoah Company for the month ended November 30, 2021: Date Description Units Unit Price Nov. 1 Beginning inventory 59 $50 9 Purchase 110 45 15 Sale (115) 22 Purchase 145 43 29 Sale (150) 30 Purchase 46 41 Pharoah 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 $ 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 enter O for the amounts.) Date Account Titles and Explanation Debit Credit Nov. 22 (To record purchase on account.) Nov. 29 (To record sales on account.) Nov. 29 (To record cost of goods sold.) Nov. 29 (To record cost of goods sold.) Question Part Score Calculate gross profit for November. Gross profit 24 Question Part Score You are given the following information for Pharoah Company for the month ended November 30, 2021: Date Description Units Unit Price Nov. 1 Beginning inventory 59 $50 9 Purchase 110 45 15 Sale (115) 22 Purchase 145 43 29 Sale (150) 30 Purchase 46 41 Pharoah 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 $ 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 enter O for the amounts.) Date Account Titles and Explanation Debit Credit Nov. 22 (To record purchase on account.) Nov. 29 (To record sales on account.) Nov. 29 (To record cost of goods sold.) Nov. 29 (To record cost of goods sold.) Question Part Score Calculate gross profit for November. Gross profit 24 Question Part Score

Answer rating: 100% (QA)

FIFO Goods available for sales Cost of goods sold Ending Inventory Date Units Cost Total Units ... View the full answer