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 58 units with a cost per unit of $96. The following transactions occur during the month of November. November 2 Purchase 105 unita of inventory on account from Toad Ine. for $100 per unit, terms 1/10, n/30. November November 9 Return 35 defective unita 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, $13,800. [Hint: The cost of unita sold from 3 Pay cash for freight charges related to the November 2 purchase, $210. the November 2 purchane includes $100 unit cont plus $3 per unit for freight less $1 per unit fo the purchase discount, or $102 per unit.] November 20 Receive ful1 payment from customers related to the sale on November 16. November 21 Purchase 68 units of inventory from Toad Inc. for $106 per unit, terms 3/10, n/30. November 24 Sell 85 units of inventory to customers for cash, $8,900. (Note: For calculating the cost of inventory sold, ignore the possible purchase discount on November 20.)
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 58 units with a cost per unit of $96. The following transactions occur during the month of November. November 2 Purchase 105 unita of inventory on account from Toad Ine. for $100 per unit, terms 1/10, n/30. November November 9 Return 35 defective unita 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, $13,800. [Hint: The cost of unita sold from 3 Pay cash for freight charges related to the November 2 purchase, $210. the November 2 purchane includes $100 unit cont plus $3 per unit for freight less $1 per unit fo the purchase discount, or $102 per unit.] November 20 Receive ful1 payment from customers related to the sale on November 16. November 21 Purchase 68 units of inventory from Toad Inc. for $106 per unit, terms 3/10, n/30. November 24 Sell 85 units of inventory to customers for cash, $8,900. (Note: For calculating the cost of inventory sold, ignore the possible purchase discount on November 20.)
Corporate Financial Accounting
15th Edition
ISBN:9781337398169
Author:Carl Warren, Jeff Jones
Publisher:Carl Warren, Jeff Jones
Chapter6: Inventories
Section: Chapter Questions
Problem 6.5BPR: Periodic inventory by three methods Pappas Appliances uses the periodic inventory system. Details...
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Question
net realizable value = 902
Transcribed Image Text:to the sale on Novenber 16.
unita of inventory from Toad Ine. for $106 per uait, terna 3/10,B/30.
November 24 Sell as unita of inventery to eustoners for cash, ,900. (Notes Tor calculating the cont of
inventory sold, ignore the possible purehase discount on Novenber 20.)
Problem 6-6B Part 3
3. Prepare the top section of the multiple-step income statement through gross profit for the month of November after the adjustment
for lower of cost and net realizable value.
YOSHI INC.
Multiple-step Income Statement (partial)
For the month of November
![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 58 units with a cost per unit of $96. The following
transactions occur during the month of November.
November 2 Purchase 105 units of inventory on account from Toad Inc. for $100 per unit, terms 1/10, n/30.
November
3 Pay cash for freight charges related to the November 2 purchase, $210.
9 Return 35 defective units from the November 2 purchase and receive credit.
November
November 11 Pay Toad Inc. in full.
November 16 Sell 100 units of inventory to customers on account, $13,800. [Hint: The cost of units sold from
the November 2 purchase includes $100 unit cost plus $3 per unit fe
the purchase discount, or $102 per unit.]
freight less $i per unit for
November 20 Receive full payment from customers related to the sale on November 16.
November 21 Purchase 68 units of inventory from Toad Inc. for $106 per unit, terms 3/10, n/30.
November 24 Sell 85 units of inventory to customers for cash, $8,900. (Note: For calculating the cost of
inventory sold, ignore the possible purchase discount on November 20.)
Problem 6-6B Part 3
Prepare the top section of the multiple-step income statement through gross profit for the month of November after the adju
- lower of cost and net realizable value.
YOSHI INC.
Multiple-step Income Statement (partial)
For the month of November](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb18a1840-29df-46e1-a477-d61c52a63cad%2Feeee4883-6e3a-4610-b0b8-90afd40645c4%2Ftq8vs2_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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 58 units with a cost per unit of $96. The following
transactions occur during the month of November.
November 2 Purchase 105 units of inventory on account from Toad Inc. for $100 per unit, terms 1/10, n/30.
November
3 Pay cash for freight charges related to the November 2 purchase, $210.
9 Return 35 defective units from the November 2 purchase and receive credit.
November
November 11 Pay Toad Inc. in full.
November 16 Sell 100 units of inventory to customers on account, $13,800. [Hint: The cost of units sold from
the November 2 purchase includes $100 unit cost plus $3 per unit fe
the purchase discount, or $102 per unit.]
freight less $i per unit for
November 20 Receive full payment from customers related to the sale on November 16.
November 21 Purchase 68 units of inventory from Toad Inc. for $106 per unit, terms 3/10, n/30.
November 24 Sell 85 units of inventory to customers for cash, $8,900. (Note: For calculating the cost of
inventory sold, ignore the possible purchase discount on November 20.)
Problem 6-6B Part 3
Prepare the top section of the multiple-step income statement through gross profit for the month of November after the adju
- lower of cost and net realizable value.
YOSHI INC.
Multiple-step Income Statement (partial)
For the month of November
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