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 Grams Cost per Gram 1,200 2,400 2,700 6,000 2,000 P 40.50 40.80 41.20 24 Purchase 41.00
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 Grams Cost per Gram 1,200 2,400 2,700 6,000 2,000 P 40.50 40.80 41.20 24 Purchase 41.00
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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![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
P94,360.00
O P94,274.29
O P84,500.00](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Faa8fa6ac-3b2b-4280-8f71-e9643048a197%2Fbf354cd0-a38f-43f3-90e7-9d0ef894c71f%2F8vm5xzj_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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
P94,360.00
O P94,274.29
O P84,500.00
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