Current Attempt in Progress You are given the following information for Crane Company for the month ended November 30, 2021 Unit Price $51 45 Date Description Nov.1 Beginning inventory 9 Purchase 15 Sale 22 Purchase 29 Sale 30 Purchase Units 60 110 (125) 150 (170) 48 Crane Company uses a perpetual inventory system. All sales and purchases are on account Calculate the cost of goods sold and the ending inventory using FIFOL Cost of goods sold $ Ending inventory $ e Textbook and Media List of Accounts Assume the sales price was $60 per unit for the goods sold on November 15, and 500 per unit for the sale on November 29. Prepare journal entries to record the November 22 purchase and the November 29 sale.com 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 for the amounts) Debit Credit Date Account Titles and Explanation Nov. 22 (To record purchase on account.) Nov. 29 (To record sales on account.) Nov. 29 (To record cost of goods sold.) eTextbook and Media List of Accounts Calculate gross profit for November. Gross profits Assume that at the end of November, the company counted its inventory. There are 70 units on hand. What journal entry. if any.should the company make to record the shortage? Credit accountides are automatical Indented when the amount is entered Do not indent manually. If 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 goods sold.) e Textbook and Media List of Accounts If the company had not discovered this shortage, what would be overstated or understated on the balance sheet and income statement and by what amount? account by the same amount. as well as the by 5 The on the balance sheet would be by The on the income statement would be e Textbook and Media List of Accounts