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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 490 units 8$3,920 130 units $9 1,170 240 units e $112,640 80 units $131,040 During the year, The Shirt Shop sold 780 T-shirts for $18 each. equired 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. LIFO Weighted Average FIFO Ending inventory
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