Dean Company uses the retail inventory method to estimate its inventory for interim statement purposes. Data relating to the computation of the inventory at July 31, 20X7, are as follows: Cost Retail Inventory, 1/1/X7 P 180,000 P 250,000 Purchases 1,020,000 1,575,000 Markups, net 175,000 Sales 1,705,000 Estimated normal shoplifting losses 20,000 Markdown, net 125,000 Under the average cost retail method, Dean's estimated inventory at July 31, 20X7 is 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 P 40.50 2,400 40.80 2,700 41.20 6,000 2,000 41.00