ACC 201 Great Basin College Module 9 Perpetual Inventory Procedure Excel Project

Description

Using the Excel file provided below as a starting point, or by creating your own Excel file, complete the following problem, and submit your assignment as an attachment here. Be sure to save your work before you submit, and present your work in a reasonable format with major answers highlighted.  Because you have plenty of time to do this assignment, and given that the textbook is available for your use, this assignment should really be close to perfect.  

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Here is the problem:

The following purchases and sales for Sipple Company are for November 2020. There was no inventory on November 1. 

Nov. 2Purchased 6,000 units at $32 eachNov. 6Sold 1,400 units at $40 eachNov. 10Purchased 1,700 units at $35 eachNov. 12 Sold 1,300 units at $41 eachNov. 22Purchased 2,100 units at $36 eachNov. 25Sold 2,300 units at $42 eachNov. 29Purchased 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.