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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 Purchased Apr. 21 July 25 Sept. 19 330 units $10 $3,300 Purchased Purchased 80 units 210 units $11- 880 $13- 2,730 Purchased 60 units $ 14- 840 During the year, The Shirt Shop sold 520 T-shirts for $19 each 4 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.) Answer is complete but not entirely correct. FIFO LIFO Weighted Average Ending inventory $ 2,140 S 6,150 5,928
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