Sarasota Corporation opened a new store on January 1, 2024.

Sarasota Corporation opened a new store on January 1, 2024. During 2024, the first year of operations, the following purchases and sales of inventory were made: Purchases Sales Date Units Cost per unit Date Units Price per unit Jan. 5 11 $1,100 July 4 14 $2.100 June 11 11 1.330 Dec 29 33 2.100 Oct. 18 16 1,460 Dec. 19 1,610 Calculate the cost of goods sold and the ending inventory using FIFO. Cost of goods sold 13075 Ending inventory 3125 Prepare journal entries to record the November 22 purchase and the November 29 sale. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date Account Titles Debit Credit Nov. 22 Merchandise Inventory 6235 Accounts Payable 6235 Nov. 29 Accounts Receivable 10200 Sales 10200 (To record sales on account.) Nov. 29 Cost of Goods Sold 7460 Merchandise Inventory 7460 (To record cost of goods sold.) Assume that at the end of November the company counted its inventory. There were 73 units on hand. What journal entry, if any, should the company make to record the shortage? (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Account Titles Debit Credit Cost of Goods Sold 86 Merchandise Inventory 86