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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 410 units 130 units 238 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 nearest whole dollar amount.) FIFO LIFO Weighted Average Ending inventory
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