The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of...
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The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Purchased Apr. 21 Purchased July 25 Purchased Sept. 19 Purchased 600 units @ $ 7 = $4,200 400 units @ $ 9 = 480 units @ $12 3,600 5,760 290 units @ $ 14 = 4,060 During the year, The Shirt Shop sold 1,410 T-shirts for $23 each. Required a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. (Round cost per unit to 2 decimal places and final answers to the nearest whole dollar amount.) The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Purchased Apr. 21 Purchased July 25 Purchased Sept. 19 Purchased 600 units @ $ 7 = $4,200 400 units @ $ 9 = 480 units @ $12 3,600 5,760 290 units @ $ 14 = 4,060 During the year, The Shirt Shop sold 1,410 T-shirts for $23 each. Required a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. (Round cost per unit to 2 decimal places and final answers to the nearest whole dollar amount.)
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The Shirt Shop TShirt Inventory Valuation Year 1 We will calculate the ending inventory for The Shirt Shop under three cost flow assumptions FIFO FirstIn FirstOut LIFO LastIn FirstOut and Weighted Ave... View the full answer
Related Book For
Survey Of Accounting
ISBN: 9781260575293
6th Edition
Authors: Thomas Edmonds, Christopher Edmonds, Philip Olds
Posted Date:
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