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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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