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 1,242 310,5...

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Southern Industries had 419 dining sets in stock at the end of the year. Inventory records show

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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	1,206	482,400
Total available for sale		1,100		$1,378,200

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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Financial and Managerial Accounting

ISBN: 978-0538480895

11th Edition

Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren

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Posted Date: Jun 12, 2021 01:00 AM

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Southern Industries had 419 dining sets in stock at the end of the year. Inventory records show

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