Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the following purchases and sales for sipple compa

The following purchases and sales for Sipple Company are for November 2020. There was no...

70.2K

Verified Solution

Question

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

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Physics
1.2K views

2) a). The resistivity of a wire varies with its length area of cross-section mass material b) Given the units...

Physics
1.2K views

22 Atlipule hay ng dipole norment p is placed in front of a solid uncharged...

Physics
1.2K views

A ring composed of three sections The cross sectional area is 0 001 m for...

Geometry
1.2K views

4 2 Volume Question 9 of 24 1 point Question Atter Incorrect The value in...

Basic Math
1.2K views

Classify the quotient as positive, negative, zero, or undefined.5+5Select the correct choice below.A. The quotient...

Basic Math
1.2K views

The terminal side of angle B in standard position goes through the point (11,-11). Find...

Accounting
1.2K views

Break-even sales under present and proposed conditions Portmann Company, operating at full...

Accounting
1.2K views

T or F? Tax accounting and financial accounting use the same depreciation calculations and there...

Accounting
1.2K views

EX 2-9 Transactions and T account The following selected transactions were completed during august of...

Finance
1.2K views

Briefly explain how to calculate a P/E ratio. Also, briefly explain how equity analysts and...

Accounting
1.2K views

PROBLEMI (30%) An analysis of selected accounts in the Madoff Company's general ledger prior to...

Finance
1.2K views

The authority which intervenes directly or indirectly in foreign exchange markets by altering interest rates...