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The Shirt Shop had the following transactions for T-shirts for Year 1. its first year of operations Jan. 20 Apr. 21 July 25 Sept. 19

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The Shirt Shop had the following transactions for T-shirts for Year 1. its first year of operations Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 330 units 80 units 220 units 70 units $.4 $ 6- $8 $10 $1,320 480 1,760 700 During the year, The Shirt Shop sold 530 T-shirts for $15 each Required o. 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 b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions, Complete this question by entering your answers in the tabs below. ces Required A Required B 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 cateulations ta 2 decimal place and that answers to the nearest whole dollar amount.) FIFO LIFO Weighted Average Ending Inventory RE Required B > The Shirt Shop had the following transactions for T shirts for Year 1 its first year of operations Jan 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 330 units 0 units 220 units 70 units @ $4 - 31.120 5.6- 460 58 - 1,760 $10 - 700 During the year, The Shirt Shop sold 530 T-shirts for 515 each Required a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet assuming the following cost flow assumptions() FIFO (2) UFO, and (3) weighted average b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions Complete this question by entering your answers in the tabs below. ces Required A Required By Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions FIFO LIFO Difference Gross margin

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