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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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