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In: Accounting

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

The following purchases and sales for Smith 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.

Solutions

Expert Solution

ekkarill92 answered 2 years ago
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