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How do I compute the weighted average? I am good with everything else. The numbers put there are incorrect. [The following information applies to the
How do I compute the weighted average? I am good with everything else. The numbers put there are incorrect.
[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 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 540 units @ $ 7 - $3,780 340 units @ $ 9 - 3,060 420 units @ $ 12 - 5,040 230 units @ $ 14 - 3,220 During the year, The Shirt Shop sold 1,230 T-shirts for $23 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.) FIFO Ending Inventory $ 4,060 $ 2,100 $ 12,472 LIFO Weighted averageStep by Step Solution
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