Silver Lining Inc. uses the perpetual inventory method to account its silver purchases. They use average costing to keep a close eye on its purchase costs. After looking at the attached summary, how much should the ending cost of the silver inventory be? Date Transaction June. 1 Beginning Balance 5 Purchase 10 Purchase 16 Sale 24 Purchase Grams Cost per Gram 1,200 2,400 2,700 6,000 2,000 P 40.50 40.80 41.20 41.00 O P94,150.36 O P94,360.00 P94,274.29 O P84,500.00

Silver Lining Inc. uses the perpetual inventory method to account its silver purchases. They use average costing to keep a close eye on its purchase costs. After looking at the attached summary, how much should the ending cost of the silver inventory be? Date Transaction June. 1 Beginning Balance 5 Purchase 10 Purchase 16 Sale 24 Purchase Grams Cost per Gram 1,200 2,400 2,700 6,000 2,000 P 40.50 40.80 41.20 41.00 O P94,150.36 O P94,360.00 P94,274.29 O P84,500.00

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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