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? Grams Cost per Gram P 40.50 Date Transaction June. 1| Beginning Balance 5 Purchase 10 Purchase 16 Sale 1,200 2,400 40.80 2,700 41.20 6,000 24 Purchase 2,000 41.00

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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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?
Grams Cost per Gram
P 40.50
Date
Transaction
June. 1 Beginning Balance
5 Purchase
10 Purchase
1,200
2,400
2,700
40.80
41.20
16 Sale
6,000
24 Purchase
2,000
41.00
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? Grams Cost per Gram P 40.50 Date Transaction June. 1 Beginning Balance 5 Purchase 10 Purchase 1,200 2,400 2,700 40.80 41.20 16 Sale 6,000 24 Purchase 2,000 41.00
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