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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 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 460 units @ $ 8 = $3,680 260 units @ $ 10 = 2,600 340 units @ $ 13- 4,420 150 units @ $ 15 = 2,250 During the year, The Shirt Shop sold 990 T-shirts for $24 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 cost per unit to 2 decimal places and final answers to the nearest whole dollar amount.) Ending Inventory FIFO LIFO Weighted average
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