Southern Industries had 409 dining sets in stock at the end of the year. Inventory records show the following information: Date Qty Cost Total Cost January 1 Beginning Inventory 50 $1,290 $64,500 April 13 Purchase 300 1,266 379,800 May 2 Purchase 300 1,278 383,400 September 7 Purchase 250 1,302 325,500 November 18 Purchase 500 1,206 603,000 Total available for sale 1,400 $1,756,200 Using the average cost method of inventory pricing, calculate the dollar value of the ending inventory. (Round your answer to the nearest cent.) $
Southern Industries had 409 dining sets in stock at the end of the year. Inventory records show the following information: Date Qty Cost Total Cost January 1 Beginning Inventory 50 $1,290 $64,500 April 13 Purchase 300 1,266 379,800 May 2 Purchase 300 1,278 383,400 September 7 Purchase 250 1,302 325,500 November 18 Purchase 500 1,206 603,000 Total available for sale 1,400 $1,756,200 Using the average cost method of inventory pricing, calculate the dollar value of the ending inventory. (Round your answer to the nearest cent.) $
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 27CE: Inventory Analysis Singleton Inc. reported the following information for the current year: Required:...
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Question
Southern Industries had 409 dining sets in stock at the end of the year. Inventory records show the following information:
| Date | Qty | Cost | Total Cost | |
|---|---|---|---|---|
| January 1 | Beginning Inventory | 50 | $1,290 | $64,500 |
| April 13 | Purchase | 300 | 1,266 | 379,800 |
| May 2 | Purchase | 300 | 1,278 | 383,400 |
| September 7 | Purchase | 250 | 1,302 | 325,500 |
| November 18 | Purchase | 500 | 1,206 | 603,000 |
| Total available for sale | 1,400 | $1,756,200 |
Using the average cost method of inventory pricing, calculate the dollar value of the ending inventory. (Round your answer to the nearest cent.)
$
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