Problem 6-6B Part 22. Suppose by the end of November that the remaining inventory is estimated to have a net realizable value per unit of $81, record anynecessary adjustment for the lower of cost and net realizable value. (If no entry is required for a transaction/event, select "NoJournal Entry Required" in the first account field.)View transaction listJournal entry worksheet>Record the adjustment of inventory to net realizable value.Note: Enter debits before credits.DateGeneral JournalDebitCreditNovember30 !Required informationProblem 6-6B Record transactions using a perpetual system, prepare a partial income statement, andadjust 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 63 units with a cost per unit of $94. The followingtransactions occur during the month of November.NovemberNovemberNovember 9 Return 25 defective units from the November 2 purchase and receive credit.November 11 Pay Toad Inc. in full.November 16 Sell 100 units of inventory to customers on account, $12,700. [Hint: The cost of units sold from2 Purchase 100 units of inventory on account from Toad Inc. for $100 per unit, terms 3/10, n/30.3 Pay cash for freight charges related to the November 2 purchase, $300.the November 2 purchase includes $100 unit cost plus $4 per unit for freight less $3 per unit forthe purchase discount, or $101 per unit.]November 20 Receive full payment from customers related to the sale on November 16.November 21 Purchase 57 units of inventory from Toad Inc. for $104 per unit, terms 2/10, n/30.November 24 Sell 70 units of inventory to customers for cash, $7,800. (Note: For calculating the cost ofinventory sold, ignore the possible purchase discount on November 20.)Problem 6-6B Part 22. Suppose by the end of November that the remaining inventory is estimated to have a net realizable value per unit of $81, record anynecessary adjustment for the lower of cost and net realizable value. (If no entry is required for a transaction/event, select "NoJournal Entry Required" in the first account field.)View transaction list

Name: Problem 6-6B Part 22. Suppose by the end of November that the remaini
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Description: Problem 6-6B Part 22. Suppose by the end of November that the remaining inventory is estimated to have a net realizable value per unit of $81, record anynecessary adjustment for the lower of cost and net realizable value. (If no entry is required fo

Adjustment entries are those journal entries which are recorded in order to correct the account…

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2. Suppose by the end of November that the remaining inventory is estimated to have a net realizable value per unit of $81, 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.)

2. Suppose by the end of November that the remaining inventory is estimated to have a net realizable value per unit of $81, 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.)

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.10AMCP

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