Problem $6-6$B $($Algo$)$ Record transactions using a perpetual system, prepare a partial income statement, and adjust for the lower of cost and net realizable value $($LO$6-2,6-3,6-4,6-5,6-6)$

At the beginning of November, Yoshi Incorporated'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 Incorporated 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 Incorporated 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 Incorporated for $$105$ per unit, terms $\frac{1}{10},\frac{n}{30}.$

November $24$ Sell $90$ units of inventory to customers for cash, $$9,000.($Note: For calculating the cost of inventory sold, ignore the possible purchase discount on November $20.)$

Required:

Assuming that Yoshi Incorporated uses a FIFO perpetual inventory system to maintain its internal inventory records, record the transactions.

Suppose by the end of November that the remaining inventory is estimated to have a net realizable value per unit of $$80,$ record any necessary adjustment for the lower of cost and net realizable value.

Prepare the top section of the multiple$-$step income statement through gross profit for the month of November after the adjusting entry for lower of cost and net realizable value.