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The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations. January 20 April 21 July 25 September
The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations. January 20 April 21 July 25 September 19 Purchased 540 units @ $ 7 Purchased 340 units @ $9 = Purchased 420 units @ $12 Purchased 230 units @ $14 = = $3,780 3,060 = 5,040 3,220 During the year, The Shirt Shop sold 1,230 T-shirts for $23 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.) FIFO LIFO Weighted average Ending Inventory
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