Book Hint rint Rec Exercise 5-5 (Algo) Effect of inventory cost flow on ending inventory balance and gross margin LO 5-1 [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: January 20 April 21 July 25 September 19 Purchased 330 units @ $5 = Purchased 90 units @ $6 = Purchased 210 units @ $8 = Purchased 80 units @ $10 = During the year, The Shirt Shop sold 530 T-shirts for $15 each. Exercise 5-5 (Algo) Part a $ 1,650 540 1,680 800 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. Note: Round intermediate calculations to 2 decimal places and final answers to nearest whole dollar amount.

Exereise 5.5 (Algo) Effect of inventory cost flow on ending inventory balance and gross margin LO 5-1 [The following information applies to the questions disployed below] The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: During the year, The Shint Shop sold 530 T-shirts for \$15 each. Exercise 5.5 (Algo) Part a Required a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FFO, (2) LIFO, and (3) weighted average. Note: Round intermediate calculations to 2 decimal places and final answers to nearest whole doliar amount. Required information Exercise 5.5 (Algo) Effect of inventory cost flow on ending inventory balance and gross margin LO 5.1 [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: During the yeat, The Shirt Shop sold 530 T-shirts for $15 each. Exercise 5.5 (Algo) Part a Required a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow a assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. Note: Round intermediate calculations to 2 decimal places and final answers to nearest whole dollar omount