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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 of
[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 | Purchased 400 units @ $ 8 | = | $3,200 |
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April 21 | Purchased 200 units @ $10 | = | 2,000 |
July 25 | Purchased 280 units @ $13 | = | 3,640 |
September 19 | Purchased 90 units @ $15 | = | 1,350 |
During the year, The Shirt Shop sold 810 T-shirts for $20 each.
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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