Required information Exercise 5-5 (Algo) Effect of inventory cost flow on ending inventory balance and gross...

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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, 201 Purchased 300 units Apr. 21 July 25 Sept. 19 Purchased 110 units Purchased 240 units Purchased 60 units 955 $1,500 956- 957 1,680 958- 660 480 During the year, The Shirt Shop sold 510 T-shirts for $13 each. Exercise 5-5 (Algo) Part a 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, 201 Purchased 300 units Apr. 21 July 25 Sept. 19 Purchased 110 units Purchased 240 units Purchased 60 units 955 $1,500 956- 957 1,680 958- 660 480 During the year, The Shirt Shop sold 510 T-shirts for $13 each. Exercise 5-5 (Algo) Part a 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