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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 | 490 | units | @ | $ | 8 | = | $ | 3,920 | |
| Apr. 21 | Purchased | 290 | units | @ | $ | 10 | = | 2,900 | ||
| July 25 | Purchased | 370 | units | @ | $ | 13 | = | 4,810 | ||
| Sept. 19 | Purchased | 180 | units | @ | $ | 15 | = | 2,700 | ||
During the year, The Shirt Shop sold 1,080 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.)
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