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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 2018, its first year
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 Apr. 21 Purchased July 25 Purchased Sept. 19 Purchased 410 units 130 units 230 units 80 units @ @ @ @ $12 = $4,920 $13 = 1,690 $14 = 3,220 $15 = 1,200 During the year, The Shirt Shop sold 680 T-shirts for $20 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 the nearest whole dollar amount. FIFO LIFO Weighted Average Ending inventory
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