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The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations. January 20 Purchased 510 units @ $ 9
The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations. January 20 Purchased 510 units @ $ 9 = $4,590 April 21 Purchased 310 units @ $11 = 3,410 July 25 Purchased 390 units @ $14 = 5,460 September 19 Purchased 200 units @ $16 = 3,200 During the year, The Shirt Shop sold 1,140 T-shirts for $25 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.
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