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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:

Jan. 20 Purchased 470 units @ $ 7 = $ 3,290
Apr. 21 Purchased 270 units @ $ 9 = 2,430
July 25 Purchased 350 units @ $ 12 = 4,200
Sept. 19 Purchased 160 units @ $ 14 = 2,240

During the year, The Shirt Shop sold 1,020 T-shirts for $23 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.)

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