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You are given the following information for Sandhill 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 61 100 (115) 150 (170) 48 Sandhill Company uses a perpetual inventory system. All sales and purchases are on account. Debit Credit Date Account Titles and Explanation Nov. 22 Purchases 6300 Accounts Payable 6300 (To record purchase on account.) Nov. 29 Accounts Receivable 10200 10200 Sales (To record sales on account.) Nov. 29 (To record cost of goods sold.) Calculate the cost of goods sold and the ending inventory using FIFO. Cost of goods sold $ $ Ending inventory Calculate gross profit for November. Gross profit $ Assume that at the end of November, the company counted its inventory. There are 72 units on hand. What journal entry, if any, should the company make to record the shortage? (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 for the amounts.) Account Titles and Explanation Debit Credit (To record cost of goods sold.) e Textbook and Media List of Accounts X Your answer is incorrect. 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? on the balance sheet would be as well as the account by the same amount. The The by $ by $ on the income statement would be You are given the following information for Sandhill 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 61 100 (115) 150 (170) 48 Sandhill Company uses a perpetual inventory system. All sales and purchases are on account. Debit Credit Date Account Titles and Explanation Nov. 22 Purchases 6300 Accounts Payable 6300 (To record purchase on account.) Nov. 29 Accounts Receivable 10200 10200 Sales (To record sales on account.) Nov. 29 (To record cost of goods sold.) Calculate the cost of goods sold and the ending inventory using FIFO. Cost of goods sold $ $ Ending inventory Calculate gross profit for November. Gross profit $ Assume that at the end of November, the company counted its inventory. There are 72 units on hand. What journal entry, if any, should the company make to record the shortage? (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 for the amounts.) Account Titles and Explanation Debit Credit (To record cost of goods sold.) e Textbook and Media List of Accounts X Your answer is incorrect. 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? on the balance sheet would be as well as the account by the same amount. The The by $ by $ on the income statement would be