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I need answers of these 2 questions. Plz do it fast The Shirt Shop had the following transactions for T-shirts for Year 1, its first
I need answers of these 2 questions. Plz do it fast
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 330 units @ $5 = $1,650 90 units @ $6 218 units @ $ 8 . 1,680 80 units @ $ 10 - 800 5:40 During the year, The Shirt Shop sold 530 T-shirts for $15 each. Exercise 5-5 (Algo) Parta 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 intermediate calculations to 2 decimal places and final answers to nearest whole dollar amount.) FIFO LIFO Weighted Average Ending inventory 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: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 330 units @ $5 - $1,650 90 units @ $ 6 = 540 210 units @ $8- 1,680 80 units @ $ 10 = 800 During the year, The Shirt Shop sold 530 T-shirts for $15 each. Exercise 5-5 (Algo) Part b Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. FIFO LIFO Difference Gross marginStep by Step Solution
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