Singh Company uses the periodic inventory method and had the following inventory information
available for the month of November.
Date Transaction Units Unit Cost
11/1 Beginning inventory 400 $3
11/5 Purchase No. 1 500 $5
11/12 Sale No. 1 400
11/18 Purchase No. 2 500 $6
11/25 Sale No. 2 700
11/30 Purchase No. 3 600 $7
A physical count of units on November 30 revealed that 900 units were on hand.
Selling price is $10.00.
Answer the following independent questions and show calculations supporting your answers.
1. Assume that the company uses the average cost method. What is the dollar value of the ending
inventory on November 30?
2. Assume that the company uses the FIFO inventory method. The dollar value of the ending
inventory on November 30 is:
3. Assume that the company uses the FIFO inventory method. The profit for November is:
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