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The Shirt Shop had the following transactions for T-shirts for 2018, its first year of operations: Jan. 20 Purchased 440 units @ $ 9 =
The Shirt Shop had the following transactions for T-shirts for 2018, its first year of operations:
Jan. 20 | Purchased | 440 | units | @ | $ | 9 | = | $ | 3,960 | |
Apr. 21 | Purchased | 150 | units | @ | $ | 10 | = | 1,500 | ||
July 25 | Purchased | 240 | units | @ | $ | 11 | = | 2,640 | ||
Sept. 19 | Purchased | 80 | units | @ | $ | 12 | = | 960 | ||
During the year, The Shirt Shop sold 720 T-shirts for $17 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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