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The Shirt Shop had the following transactions for T-shirts for 2018, its first year of operations: Jan. 20 Purchased 400 units @ $ 4 =
The Shirt Shop had the following transactions for T-shirts for 2018, its first year of operations:
Jan. 20 | Purchased | 400 | units | @ | $ | 4 | = | $ | 1,600 | |
Apr. 21 | Purchased | 130 | units | @ | $ | 6 | = | 780 | ||
July 25 | Purchased | 250 | units | @ | $ | 8 | = | 2,000 | ||
Sept. 19 | Purchased | 100 | units | @ | $ | 10 | = | 1,000 | ||
During the year, The Shirt Shop sold 720 T-shirts for $15 each.
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 intermediate calculations to 2 decimal places and final answers to nearest whole dollar amount.)
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