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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
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: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 540 units S7 = $3.788 340 units @ $ 9 3.60 420 units@ $ 125 .648 230 units $ 14 = 3.229 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.) Ending Inventory FIFO LIFO Weighted average
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