Required information

[The following information applies to the questions displayed below.]

The Shirt Shop had the following transactions for T-shirts for 2018, its first year of operations:

Jan. 20	Purchased	440	units	@	$	9	=	$	3,960
Apr. 21	Purchased	150	units	@	$	10	=		1,500
July 25	Purchased	240	units	@	$	11	=		2,640
Sept. 19	Purchased	80	units	@	$	12	=		960

During the year, The Shirt Shop sold 720 T-shirts for $17 each.

rev: 09_07_2017_QC_CS-97529

Required

1. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the FIFO cost flow assumption.

	FIFO
Ending Inventory

Ending inventory