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[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
[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 20 April 21 July 25 September 19 Purchased 410 units @ $ 9 = Purchased 210 units @ $11 = Purchased 290 units @ $14 = Purchased 100 units @ $16 = $3,690 2,310 4,060 1,600 During the year, The Shirt Shop sold 840 T-shirts for $25 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.) FIFO LIFO Weighted average Ending Inventory
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