**Southern Industries Inventory Summary for Educational Purposes**Southern Industries had 413 dining sets in stock at the end of the year. Inventory records show the following information:| Date | Transaction | Qty | Cost | Total Cost ||----------------|----------------------|------|-------|-------------|| January 1 | Beginning Inventory | 50 | $1,350 | $67,500 || April 13 | Purchase | 300 | $1,266 | $379,800 || May 2 | Purchase | 300 | $1,218 | $365,400 || September 7 | Purchase | 250 | $1,302 | $325,500 || November 18 | Purchase | 400 | $1,266 | $506,400 || **Total available for sale** | | **1,300** | | **$1,644,600** |The table above provides inventory transaction details including dates, transaction types, quantities, individual costs, and total costs.**Calculation Task**Using the average cost method of inventory pricing, calculate the dollar value of the ending inventory. Round your answer to the nearest cent.**Equation**\[ \text{Average Cost per Unit} = \frac{\text{Total Cost}}{\text{Total Quantity}} \]\[ \text{Ending Inventory Value} = \text{Average Cost per Unit} \times \text{Ending Inventory Quantity} \]**Input Calculation Here:**Using the average cost method, the dollar value of the ending inventory is:$ [Blank for Calculation] **Educational Note:**This table serves as a practical example for students learning inventory valuation methods and showcases how transactions affect the total cost of inventory available for sale.

Name: **Southern Industries Inventory Summary for Educational Purposes**Sou
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Description: **Southern Industries Inventory Summary for Educational Purposes**Southern Industries had 413 dining sets in stock at the end of the year. Inventory records show the following information:| Date | Transaction | Qty | Cost | Tota

Solution:- Introduction:- First we need to calculate average cost per unit The following formula…

Business

Accounting

Southern Industries had 413 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 $1,350 $67,500 April 13 Purchase 300 1,266 379,800 May 2 Purchase 300 1,218 365,400 September 7 Purchase 250 1,302 325,500 November 18 Purchase 400 1,266 506,400 Total available for sale 1,300 $1,644,600 Using the average cost method of inventory pricing, calculate the dollar value of the ending inventory. (Round your answer to the nearest cent.) 2$

Southern Industries had 413 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 $1,350 $67,500 April 13 Purchase 300 1,266 379,800 May 2 Purchase 300 1,218 365,400 September 7 Purchase 250 1,302 325,500 November 18 Purchase 400 1,266 506,400 Total available for sale 1,300 $1,644,600 Using the average cost method of inventory pricing, calculate the dollar value of the ending inventory. (Round your answer to the nearest cent.) 2$

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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