Study pack Chegg.com Problem 6-48 Report Inventory Using Lower Of Cost... Cheg Saved ork (Algo) 6 Required Information Problem 6-6B Record transactions using a perpetual system, prepare a partial income statement, and adjust for the lower of cost and net realizable value(LO6-2, 6-3, 6-4, 6-5, 6-6) (The following information applies to the questions displayed below) At the beginning of November, Yoshi Inc.'s Inventory consists of 56 units with a cost per unit of $95. The following transactions occur during the month of November November 2 Purchase 75 units of inventory on account from Toad Inc. for $100 per unit, terma 2/10, 1/30. November 3 Pay cash for freight charges related to the November 2 purchase, $300. November 9 Return 15 defective units from the November 2 purchase and receive credit. November 11 Pay Toad Ine. in full. November 16 Sell 100 units of inventory to customers on account, $13,600. (Hint: The cost of units sold from the November 2 purchase includes $100 unit cost plus $5 per unit for freight loss $2 per unit for the purchase discount, or $103 per unit.] November 20 Receive full payment from customers related to the sale on November 16. November 21 Purchase 66 units of inventory from Toad Ine. for $105 per unit, terma 1/10, n/30. November 24 Sell 75 units of inventory to customers for cash, $8,700. (Note: For calculating the cost of inventory sold, ignore the possible purchase discount on November 20.) Problem 6-6B Part 2 2. 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. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction ist Journal entry worksheet w transaction list Journal entry worksheet 3 5 6 8 E R U