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parts a,b,c thanks! Required information [The following information applies to the questions displayed below] The Shirt. Shop had the following transactions for T-shirts for Year
parts a,b,c thanks!
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. During the year, The Shirt Shop sold 1,020 T-shirts for $23 each. Required a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the foliowing cost fiow 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.) 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. During the year, The Shirt Shop sold 1,020 T-shirts for $23 each. . Record the above transactions in general journal form and post to T-accounts assuming (1) FIFO, (2) LIFO, and (3) weighted-average nethods. Use a separate set of journal entries and T-accounts for each method, Assume all transactions are cash transactions. Complete this question by entering your answers in the tabs below. 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. During the year, The Shirt Shop sold 1,020 T-shirts for $23 each. c. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions Step by Step Solution
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