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Problem - Like New Express had 400 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
233
23,300
November 23
300
189
56,700
December 16
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.
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