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)