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

Name: Silver Lining Inc. uses the perpetual inventory method toaccount its
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Description: Silver Lining Inc. uses the perpetual inventory method toaccount its silver purchases. They use average costing tokeep a close eye on its purchase costs. After looking atthe attached summary, how much should the endingcost of the silver inventory be

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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Wildhorse's Gift Shop uses a perpetual inventory system and the FIFO cost formula for valuing inventory. The company is now in the process of comparing the cost of its inventory with its net realizable value. The following data are available at Wildhorse's Gift Shop's year end, December 31: Clothing Units Unit Cost 91 $8 76 20 2017 Greeting cards 47 4 60 12 Jewellery Stuffed toys (a) Net Realizable Value per Unit Lower of cost and net realizable value $6 $ 27 5 Determine the lower of cost and net realizable value of the ending inventory assuming Wildhorse's Gift Shop applies LCNRV on individual items. 38
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Show Me How Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Dec. 1 1,600 units at $33 Purchases Dec. 10 800 units at $35 20 720 units at $37 Sales Dec. 12 1,120 units 14 960 units 31 480 units a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Goods Sold LIFO Method Prepaid Cell Phones Quantity Purchases Purchases Purchased Unit Cost Total Cost Cost of Quantity Goods Sold Goods Sold Sold Unit Cost Total Cost Cost of Inventory Quantity Inventory Unit Cost Inventory Total Cost Date Dec. 1 1,600 33 52,800 Dec. 10 800 35…
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Moving to another question will save this response. Question 2 Muharraq company had the following purchases and sales information: Purchases 13 units at $150 20 units at $110 Sales January: April: July: 9 units Using the FIFO inventory costing method, what is the cost of goods sold? O A. $2,750 B. S1,350 OC. S1,680 O D. S2,100 Moving to another question will save this response.