The Shirt Shop had the following transactions for T-shirts for Year 1, Its first year of...

Transcribed Image Text:

The Shirt Shop had the following transactions for T-shirts for Year 1, Its first year of operations: January 20 April 21 July 25 Purchased 400 units @ $4 = Purchased 130 units @ $6 = Purchased 250 units @ $8 = $1,600 780 2,000 September 19 Purchased 100 units @ $10 = During the year, The Shirt Shop sold 720 T-shirts for $15 each. Exercise 5-5 (Algo) Part a Required 1,000 e. 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. Note: Round Intermediate calculations to 2 decimal places and final answers to nearest whole dollar amount. FIFO LIFO Weighted Average Ending inventory The Shirt Shop had the following transactions for T-shirts for Year 1, Its first year of operations: January 20 April 21 July 25 Purchased 400 units @ $4 = Purchased 130 units @ $6 = Purchased 250 units @ $8 = $1,600 780 2,000 September 19 Purchased 100 units @ $10 = During the year, The Shirt Shop sold 720 T-shirts for $15 each. Exercise 5-5 (Algo) Part a Required 1,000 e. 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. Note: Round Intermediate calculations to 2 decimal places and final answers to nearest whole dollar amount. FIFO LIFO Weighted Average Ending inventory

Answer rating: 100% (QA)

Lets calculate the ending inventory for The Shirt Shop using the FIFO FirstInFirstOut LIFO LastInFir... View the full answer