Like New Express had 440 multi-function centers machines in stock at the end of the year. Inventory
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Question:
Like New Express had 440 multi-function centers machines in stock at the end of the year. Inventory records for the year are as follows.
DATE | QUANTITY | COST | TOTAL | |
---|---|---|---|---|
January 1 | Beginning Inventory | 50 | $142 | $ 7,100 |
August 5 | Purchase | 100 | 269 | 26,900 |
October 19 | Purchase | 100 | 233 | 23,300 |
November 23 | Purchase | 300 | 189 | 56,700 |
December 16 | Purchase | 200 | 157 | 31,400 |
Total available for sale | 750 | $145,400 |
Using the average cost method of inventory pricing calculate the dollar value of the ending inventory.
Related Book For
Fundamentals of Financial Accounting
ISBN: 978-0078025914
5th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
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