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The Shirt Shop had the following transactions for T-shirts for 2018, its first year of operations Jan. 20 Apr. 21 July 25 Sept. 19 Purchased
The Shirt Shop had the following transactions for T-shirts for 2018, its first year of operations Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 480 units 140 units 240 units 100 units @ @ 11 = $ 13 - $ 15 - $ 16 - $5,280 1,820 3,600 1.600 During the year, The Shirt Shop sold 800 T-shirts for $21 each. Exercise 5-5 Parta 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. (Round intermediate calculations to 2 decimal places and final answers to nearest whole dollar amount.) Weighted Average FIFO LIFO $ 2.480 Ending inventory
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