Calculate the dollar value of the ending inventory

Assignment Help Accounting Basics
Reference no: EM131751020

During the last year Leathers Unlimited sold 702 jackets. Inventory records for the year are as follows:

DATE

 

QUANTITY

COST

TOTAL

January 1

Beginning Inventory

100

$79

mce_markernbsp; 7,900

March 21

Purchase

300

60

18,000

July 8

Purchase

450

62

27,900

October 1

Purchase

400

58

23,200

December 14

Purchase

100

77

7,700

Total available for sale

 

1,350

 

$84,700

Using the average cost method of inventory pricing calculate the dollar value of the ending inventory. (Round the average cost per unit to the nearest cent)

Reference no: EM131751020

Questions Cloud

Discuss estimated electricity payable as at the end of june : The estimated electricity payable as at the end of June
Explain how virtual meetings affect business management : Explain how virtual meetings affect business management. Identify one virtual meeting tools.
Special clamps for new die that is under construction : You are experienced machinist with small tool shop. You have been asked to submit bid to produce fifteen special clamps for new die that is under construction.
Differences between policies-standards and procedures : Describe the differences between Policies, Standards, Procedures, and Guidelines.
Calculate the dollar value of the ending inventory : Using the average cost method of inventory pricing calculate the dollar value of the ending inventory
What is the year end journal entry : Gold estimated that 6% of credit sales are uncollectible. What is the year end journal entry? What is the net realizable value before and after journal entry
What are the concepts and actions you have learned : What are the concepts and actions you've learned that can be implemented in your current or future career?
Determining the volume of sales dollars : you are interested in determining the volume of sales dollars necessary for the coming year to reach the? break-even point.
Find the penalty deep will pay : The county adds a penalty of 7.7?% simple interest on unpaid tax. Find the penalty Deep will pay.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Major reason for introducing budgetary control

The major reason for introducing budgetary control and standard costing systems is to influence human behaviour and to motivate the managers to achieve the goals of the organization. However, the accounting literature provides many illustrations ..

  A company is considering the following alternatives

a company is considering the following alternatives alternative 1 alternative 2 revenues 240000 240000 variable costs

  Company yyy is thinking of buying a new and improved

company yyy is thinking of buying a new and improved machine. this machine costs 6 million today. this machine will

  Cost of the securities

Decker Corporation purchased 1,000 shares of Kent common stock at $75 per share plus $3,000 brokerage fees as a short-term investment. The shares were subsequently sold at $80 per share less $3,400 brokerage fees.

  Determine the amount of the amortization depletion or

data related to the acquisition of timber rights and intangible assets during the current year ended december 31 are as

  Find each year-s absorption costing net operating income

Determine each year's absorption costing net operating income. In year 4 the company's variable costing net operating incomewas $240.200.

  A clothing manufacturer is considering dropping their

a clothing manufacturer is considering dropping their product line of coats. what costs of the product line would be

  Stockholders lost millions of dollars

After the scandal was uncovered, thousands of stockholders lost millions of dollars as Enron share values plummeted."

  The ace company has five plants nationwide that cost 100

the ace company has five plants nationwide that cost 100 million. the current market value of the plants is 500

  What is total stockholders equity

The following table lists the stockholders equity accounts appearing on the balance sheet of a corporation on Dec. 31, 2008. Answer the questions below the table.

  Explain how you have grown as a student and professional

Explain how you have grown as a student and professional over the course of this class. Summarize how you expect to use what you have learned in this class throughout the rest of your education.

  Carbozo was an officer of a corporation in the business of

carbozo was an officer of a corporation in the business of selling hospital supplies. due to stiff competition the

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd