New Express had 400 fax machines in stock at the end of the year. Inventory...
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Finance
New Express had 400 fax machines in stock at the end of the year. Inventory records for the year are as follows. Using the average cost method of inventory pricing, calculate the dollar value of the ending inventory.
Date
Quanitity
Cost
Total
Jan 1
Beginning Inventory
50
$142
$7,100
Aug 5
Purchase
100
269
26,900
OCt 19
Purchase
100
233
23,300
Nov 23
Purchase
300
189
56,700
Dec 16
Purchase
200
$157
31,400
Total available for sale
750
$145,400
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