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The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: January 201 April 21 July 25 September
The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: January 201 April 21 July 25 September 19 Purchased 330 units @ $10 = Purchased 80 units @ $11 = Purchased 210 units @ $13 = Purchased 60 units @ $14 = $ 3,300 880 During the year, The Shirt Shop sold 520 T-shirts for $19 each.. 2,730 840 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. Weighted FIFO LIFO Average Ending inventory
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Total units purchased 330 80 210 60 680 units Total cost 3300 880 2730 840 7750 1 FIFO FirstIn First...Get Instant Access to Expert-Tailored Solutions
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