WILL RATE! CALUCULATE ENDING INVENTORY WITH AVERAGE COST METHOD Q3 Stengel compa

Question

WILL RATE!

CALUCULATE ENDING INVENTORY WITH AVERAGE COST METHOD

Q3 Stengel company sells a snowboard, WhiteOut, that is popular with snowboard enthusiasts. Presented below is information relating to Stengel Company's purchases of WhiteOut snowboards during September During the same month, 124 WhiteOut snowboards were sold at $160 each. Stengel company uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation UnitsUnit Cost Total Cost Inventory Purchases Purchases Purchases 25 45 24 50 144 $100 106 110 112 2,500 4,770 2,640 5,600 $15,510 Total

Explanation / Answer

Average cost = 15510/144= 107.71 Ending inventory units = 144-124 = 20 Ending inventory = 20*107.71= 2154 (rounded off)

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