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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 uly 25 Sept. 19 Purchased Purchased Purchased Purchased 540 units 7-$3,780 340 units$93,060 420 units @$.12 = 5,040 230 units$143,220 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 Inventor FIFO LIFO Weighted average
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