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Exercise 5-20 The Shirt Shop The Shirt Shop had the following transactions for 2021, the first year of its operations. Jan 20 Purchased 400 shirts

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Exercise 5-20 The Shirt Shop The Shirt Shop had the following transactions for 2021, the first year of its operations. Jan 20 Purchased 400 shirts at $8/shirt $ 3,200 Apr 21 Purchased 200 shirts at $10/shirt $ 2,000 Jul 25 Purchased 280 shirts at $13/shirt $ 3,640 Sep 19 Purchased 90 shirts at $15/shirt $ 1,350 During the year, the Shirt Shop sold 810 shirts at $20/shirt Complete the following table: Cost of Goods Sold FIFO LIFO Weighted Average Which method would give the highest net income for the Shirt Shop? Ending Inventory

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