Southern Industries had 419 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 200 1,326 265,200 May 2 Purchase 200 1,278 255,600 September 7 Purchase 250 1,242 310,500 November 18 Purchase 400 1,266 506,400 Total available for sale 1,100 $1,402,200 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 419 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 200 1,326 265,200 May 2 Purchase 200 1,278 255,600 September 7 Purchase 250 1,242 310,500 November 18 Purchase 400 1,266 506,400 Total available for sale 1,100 $1,402,200 Using the average cost method of inventory pricing, calculate the dollar value of the ending inventory. (Round your answer to the nearest cent.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Southern Industries had 419 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 | 200 | 1,326 | 265,200 |
| May 2 | Purchase | 200 | 1,278 | 255,600 |
| September 7 | Purchase | 250 | 1,242 | 310,500 |
| November 18 | Purchase | 400 | 1,266 | 506,400 |
| Total available for sale | 1,100 | $1,402,200 |
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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