Module 2 Textbook Problems S Help Save & Ext Subm Check my work 10 Problem: Module 2 Textbook Problem 10 Learning Objective: Module 2-7 Show how different inventory cost flow methods (specific identification, FIFO, LIFO, and weighted average) affect financial statements 0.5 The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations Jan. 20 Purchased 330 units 1233 Apr. 21 Purchased July 25 Purchased 80 units 210 units Sept. 19 Purchased Shipp H Prin $10 $3,300 0511- 000 $132,730 $14- 840 During the year, The Shirt Shop sold 520 T-shirts for $19 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 b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions Complete this question by entering your answers in the tabs below. Required A Required B 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 the nearest whole dollar amount.) Mc FIFO LIFO Weighted Average Ending inventory < Prev 10 of 20 Next >