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The Shirt Shop had the following transactions for T - shirts for Year 1 , its first year of operations. January 2 0 Purchased 4

The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations.
January 20 Purchased 460 units @ $ 8= $3,680
April 21 Purchased 260 units @ $10=2,600
July 25 Purchased 340 units @ $13=4,420
September 19 Purchased 150 units @ $15=2,250
During the year, The Shirt Shop sold 990 T-shirts for $24 each.
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.)
b. Record the above transactions in general journal form and post to T-accounts assuming (1) FIFO, (2) LIFO, and (3) weighted-average methods. Use a separate set of journal entries and T-accounts for each method. Assume all transactions are cash transactions.

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