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Problem 6-6B (Algo) 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) At the beginning of Novembet, Yoshi Incorporated's inventory consists of 63 units with a cost per unit of $94. The following transactions occur during the month of Novembet. November 2 Nurchase 100 units of Inventory on aocount from road Incorporated for $100 per unit, terms 3/10, n/30. Novenber 3 pay cash for freight eharges related to the Novenber 2 purchase, $300. November 9 Retura 25 defective unlts tron the November 2 purchase and receive credit. November il pay Toad Incorporated in full. Novenber 16Sell100 units of inventory to customers on account, $12,700. (11int) The cost of units wold fron the Noveaber 2 purchase ineludes $100 unit cost plus $4 per unit for freight less $3 per unit for the purchase discoust, or $101 per unit.) Novenber 20 Recelve full payment from customers related to the sale of llovenber 16. Soyember 21 Purchase 57 units of inventory fron Tosd Incorporated for $104 per unit, terns 2/10,n/30. Novenber 24 Sell 70 units of inventory to cuntomers for cash, $7,800. (Notel For eaiculating the cost of inventory nold, Ignore the possible purchase discount on Novenber 20. , ) Required: 1. Assuming that Yoshi Incorporated uses a FIFO perpetual inventory system to maintain its internal Inventory records, record the transactions. 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. 3. 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. Complete this question by entering your answers in the tabs below. Assuming that Yoshi Incorporated uses a FIFO perpetual inventory system to maintain its internal inventory records, record the

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