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a . Compute the amount of ending inventory The Shirt Shop would report on the balance sheet , assuming the following cost flow assumptions :
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 . )
motion [The following information applies to the questions displayed below] The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations Jan. 20 Purchased 450 units @ $ 9 = $4,050 Apr. 21 Purchased 250 units @ $11 2,750 July 25 Purchased 330 units @ $14 = 4,620 Sept. 19 Purchased 140 units @ $16 2,240 During the year, The Shirt Shop sold 960 T-shirts for $25 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.) Ending Inventory FIFO LIFO Weighted average Step by Step Solution
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