D M ✓ -- M -- L m ■ || ■ ! -- M ■ 1 Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased FIFO LIFO Weighted average 600 units @ $ 7 400 units @ $ 9 = X Answer is not complete. Ending Inventory $ 480 units @ $ 12 = 290 units @ $ 14 = 7,520 x héi BOD -- During the year, The Shirt Shop sold 1,410 T-shirts for $23 each. - Required information [The following information applies to the questions displayed below.] The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: ■ I ■ H " 1 LTE $4,200 3,600 ■ ■ 5,760 4,060 - - ■ ■ .. M 4 H M = - m I ■ M m I B ■ = -- I H -- ■ 1 I ■ ■ IT H m M - -- " ■ ■ 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.) - ■ I M ■ ■ M M M M H M I -- ■ ■ H 1 M
D M ✓ -- M -- L m ■ || ■ ! -- M ■ 1 Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased FIFO LIFO Weighted average 600 units @ $ 7 400 units @ $ 9 = X Answer is not complete. Ending Inventory $ 480 units @ $ 12 = 290 units @ $ 14 = 7,520 x héi BOD -- During the year, The Shirt Shop sold 1,410 T-shirts for $23 each. - Required information [The following information applies to the questions displayed below.] The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: ■ I ■ H " 1 LTE $4,200 3,600 ■ ■ 5,760 4,060 - - ■ ■ .. M 4 H M = - m I ■ M m I B ■ = -- I H -- ■ 1 I ■ ■ IT H m M - -- " ■ ■ 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.) - ■ I M ■ ■ M M M M H M I -- ■ ■ H 1 M
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![D
M
✓
--
M
--
L
m
■
||
■
!
--
M
■
1
Jan. 20
Apr. 21
July 25
Sept. 19
Purchased
Purchased
Purchased
Purchased
FIFO
LIFO
Weighted average
600 units @ $ 7
400 units @ $ 9 =
X Answer is not complete.
Ending
Inventory
$
480 units @ $ 12 =
290 units @ $ 14 =
7,520 x
héi
BOD
--
During the year, The Shirt Shop sold 1,410 T-shirts for $23 each.
-
Required information
[The following information applies to the questions displayed below.]
The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations:
■
I
■
H
"
1
LTE
$4,200
3,600
■
■
5,760
4,060
-
-
■
■
..
M
4
H
M
=
-
m
I
■
M
m
I
B
■
= --
I H --
■
1
I
■
■
IT
H
m
M
-
--
"
■
■
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.)
-
■
I
M
■
■
M
M
M M
H
M
I
--
■
■
H
1
M](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd771f2e5-5d07-4832-9ad4-2354aaa02ab7%2Fbc28f27b-fafc-4dc8-9f72-ec0076554056%2Fb3jbair_processed.jpeg&w=3840&q=75)
Transcribed Image Text:D
M
✓
--
M
--
L
m
■
||
■
!
--
M
■
1
Jan. 20
Apr. 21
July 25
Sept. 19
Purchased
Purchased
Purchased
Purchased
FIFO
LIFO
Weighted average
600 units @ $ 7
400 units @ $ 9 =
X Answer is not complete.
Ending
Inventory
$
480 units @ $ 12 =
290 units @ $ 14 =
7,520 x
héi
BOD
--
During the year, The Shirt Shop sold 1,410 T-shirts for $23 each.
-
Required information
[The following information applies to the questions displayed below.]
The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations:
■
I
■
H
"
1
LTE
$4,200
3,600
■
■
5,760
4,060
-
-
■
■
..
M
4
H
M
=
-
m
I
■
M
m
I
B
■
= --
I H --
■
1
I
■
■
IT
H
m
M
-
--
"
■
■
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.)
-
■
I
M
■
■
M
M
M M
H
M
I
--
■
■
H
1
M
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