**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…

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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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