You are given the following information for Lahti Company for the month ended November 30, 2011:

Date Description Units Unit Price
Nov. 1 Beginning inventory 60 $56
9 Purchase 100 52
15 Sale 120
22 Purchase 150 50
29 Sale 160
30 Purchase 45 48

Lahti Company uses a perpetual inventory system.

Calculate the cost of goods sold and the ending inventory using FIFO.

Assume the sales price was $70 per unit for the goods sold on November 15, and $64 per unit for the sale on November 29. Prepare journal entries to record these transactions. All sales are on account.

Calculate gross profit for November.

Assume that at the end of November, the company counted its inventory. There are 70 units on hand. What journal entry, if any, should the company make to record the shortage? What is gross profit after this shortage is recorded?

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