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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 310 units $7 = $2,170 Apr. 21 July 25 Purchased 150 units $ 9 = 1,350 Purchased 210 units @ $10 = 2,100 Sept. 19 Purchased 90 units @ $12 = 1,080 During the year, The Shirt Shop sold 560 T-shirts for $17 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 intermediate calculations to 2 decimal places and final answers to nearest whole dollar amount.) FIFO LIFO Weighted Average Ending inventory
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