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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 Tshirts for Year its first year of operations.
January Purchased units @ $ $
April Purchased units @ $
July Purchased units @ $
September Purchased units @ $
During the year, The Shirt Shop sold Tshirts for $ each.
a Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: FIFO, LIFO, and weighted average. Round cost per unit to decimal places and final answers to the nearest whole dollar amount.
b Record the above transactions in general journal form and post to Taccounts assuming FIFO, LIFO, and weightedaverage methods. Use a separate set of journal entries and Taccounts for each method. Assume all transactions are cash transactions.
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