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Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: Required information The following
Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions:
Required information 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: 25 points eBook Print References Jan. 20 Purchased 530 units s 8-$4,240 Apr. 21 Pchased330 units s 10-3,300 Tuly 25 Sept. 19 Purchased 220 unite e 15- 3.300 Purchased 410 units $13-5,330 During the year, The Shirt Shop sold 1,200 T-shirts for $24 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 Inven FIFO LIFO Weighted averageStep by Step Solution
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