Reference no: EM132741291
You are given the following information for Wildhorse Company for the month ended November 30, 2021:
Date Description Units Unit Price
Nov. 1 Beginning inventory 55 $49
9 Purchase 100 44
15 Sale (120)
22 Purchase 145 43
29 Sale (160)
30 Purchase 40 42
Wildhorse Company uses a perpetual inventory system. All sales and purchases are on account.
Problem 1: Calculate the cost of goods sold and the ending inventory using FIFO.
Problem 2: Assume the sales price was $66 per unit for the goods sold on November 15, and $60 per unit for the sale on November 29. Prepare journal entries to record the November 22 purchase and the November 29 sale.
Problem 3: Calculate gross profit for November.
Problem 4: Assume that at the end of November, the company counted its inventory. There are 56 units on hand. What journal entry, if any, should the company make to record the shortage?
Problem 5: 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?
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