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Saved Required information [The following information applies to the questions displayed below.) The Shirt Shop had the following transactions for T-shirts for Year 1,
Saved 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: January 201 April 21 Purchased 390 units @ $3 Purchased 110 units @ $4 July 25 Purchased 230 units @ $6 September 19 Purchased 90 units @ $8 $ 1,170 440 1,380 During the year, The Shirt Shop sold 620 T-shirts for $13 each. 720 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. Note: 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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