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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 440 units @ $ 8
The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations. January 20 Purchased 440 units @ $ 8 = $3,520 April 21 Purchased 240 units @ $10 = 2,400 July 25 Purchased 320 units @ $13 = 4,160 September 19 Purchased 130 units @ $15 = 1,950 During the year, The Shirt Shop sold 930 T-shirts for $24 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. (Round cost per unit to 2 decimal places and final answers to the nearest whole dollar amount.)
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