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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 310 units @ $7 =

The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations:

January 20 Purchased 310 units @ $7 = $ 2,170
April 21 Purchased 150 units @ $9 = 1,350
July 25 Purchased 210 units @ $10 = 2,100
September 19 Purchased 90 units @ $12 = 1,080

During the year, The Shirt Shop sold 560 T-shirts for $17 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.

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