Southern Industries had 419 dining sets in stock at the end of the year. Inventory records show the following information:DateJanuary 1April 13May 2September 7November 18Beginning InventoryPurchasePurchasePurchasePurchaseTotal available for saleQty50200250400Cost200 1,2181,100$1,3501,3261,2421,266Total Cost$67,500265,200243,600310,500506,400$1,393,200Using the average cost method of inventory pricing, calculate the dollar value of the ending inventory. (Round your answer to the nearest cent.)$

Total cost = $1,393,200 Total quantity available for sale = 1,100 The average cost per unit is…

Answered: Southern Industries had 419 dining sets…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Inventory turnover and 'number of days' sales in inventory Financial statement data for years ending December 31 for Tango Company follow: 20Y7 20Υ6 Cost of goods sold $3,739,790 $3,852,940 Inventories: Beginning of year 759,200 722,700 End of year 832,200 759,200 Required a. Determine the inventory turnover for 20Y7 and 20Y6. Round to one decimal place. 20Υ7 20Y6 Inventory turnover b. Determine the number of days' sales in inventory for 20Y7 and 20Y6. Use 365 days and round to one decimal place. 20Υ7 20Y6 Number of days' sales in inventory days days c. Are the changes in inventory turnover and the number of days' sales in inventory from 20Y6 to 20Y7 favorable or unfavorable?
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Please read and asnwer question using table provided.
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A company had the following purchases during the current year: January: February: May: September: November: 10 units at $120 20 units at $125 15 units at $130 12 units at $135 10 units at $140 On December 31, there were 26 units remaining in ending inventory. Using the LIFO inventory valuation method, what is the cost of the ending inventory? ☐ $3,280. ○ $3,200. ○ $3,540. ☐ $3,445. ○ $3,640.

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