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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 330 units @ $12
The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: January 20 Purchased 330 units @ $12 = $ 3,960 April 21 July 25 Purchased 140 units @ $13= 1,820 Purchased 250 units @ $14 = 3,500 September 19 Purchased 90 units @ $16- 1,440 During the year, The Shirt Shop sold 630 T-shirts for $21 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. Note: Round intermediate calculations to 2 decimal places and final answers to nearest whole dollar amount. FIFO LIFO Weighted Average Ending inventory $ 2,700
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