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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
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: January 20 Purchased 370 units $12- April 21 Purchased 140 units $13- July 25 Purchased 220 units $15- September 19 Purchased 100 unite $16- $ 4,440 1,820 3,300 1,600 During the year, The Shirt Shop sold 690 T-shirts for $21 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. Note: 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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