The following purchases and sales for Sipple Company are for November 2020. There was no...
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Accounting
The following purchases and sales for Sipple Company are for November 2020. There was no inventory on November 1.
Nov. 2
Purchased 6,000 units at $32 each
Nov. 6
Sold 1,400 units at $40 each
Nov. 10
Purchased 1,700 units at $35 each
Nov. 12
Sold 1,300 units at $41 each
Nov. 22
Purchased 2,100 units at $36 each
Nov. 25
Sold 2,300 units at $42 each
Nov. 29
Purchased 2,000 at $37 each
Required:
A. Compute the ending inventory as of November 30, 2020, using the perpetual inventory procedure, under each of the following methods: (1) FIFO, (2) LIFO, and (3) Weighted Average (please carry unit costs to four decimal places, and round the total cost to the nearest dollar).
B. Repeat Part A using the periodic inventory procedure.
Starting:
Purchased
Sold
Balance
Unit
Total
Unit
Total
Unit
Total
Date
Units
Cost
Cost
Units
Cost
Cost
Units
Cost
Cost
Nov. 2
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