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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 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 400 units 200 units 280 units 90 units @ @ @ @ $ 8 = $10 = $13 = $15 = $3,200 2,000 3,640 1,350 During the year, The Shirt Shop sold 810 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 and final answers to nearest whole dollar amount.) Weighted FIFO LIFO Ending inventory 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 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 400 units 200 units 280 units 90 units @ @ @ @ $ 8 = $10 = $13 = $15 = $3,200 2,000 3,640 1,350 During the year, The Shirt Shop sold 810 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 and final answers to nearest whole dollar amount.) Weighted FIFO LIFO Ending inventory
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