Southern Industries had 409 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 300 1,266 379,800 May 2 Purchase 300 1,278 383,400 September 7 Purchase 250 1,302 325,500 November 18 Purchase 500 1,206 603,000 Total available for sale 1,400 $1,756,200 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 409 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 300 1,266 379,800 May 2 Purchase 300 1,278 383,400 September 7 Purchase 250 1,302 325,500 November 18 Purchase 500 1,206 603,000 Total available for sale 1,400 $1,756,200 Using the average cost method of inventory pricing, calculate the dollar value of the ending inventory. (Round your answer to the nearest cent.) $

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 67P

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Date	Qty	Cost	Total Cost
January 1	Beginning Inventory	50	$1,290	$64,500
April 13	Purchase	300	1,266	379,800
May 2	Purchase	300	1,278	383,400
September 7	Purchase	250	1,302	325,500
November 18	Purchase	500	1,206	603,000
Total available for sale	1,400		$1,756,200

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