Question
The Shirt Shop had the following transactions for T-shirts for 2018, its first year of operations: Jan. 20 Purchased 370 units @ $ 12 =
The Shirt Shop had the following transactions for T-shirts for 2018, its first year of operations:
Jan. 20 | Purchased | 370 | units | @ | $ | 12 | = | $ | 4,440 | |
Apr. 21 | Purchased | 140 | units | @ | $ | 13 | = | 1,820 | ||
July 25 | Purchased | 220 | units | @ | $ | 15 | = | 3,300 | ||
Sept. 19 | Purchased | 100 | units | @ | $ | 16 | = | 1,600 | ||
During the year, The Shirt Shop sold 690 T-shirts for $21 each.
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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 intermediate calculations to 2 decimal places and final answers to nearest whole dollar amount.)
FIFO | LIFO | Weighted Avg | |
ending inventory |
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