Please do not give solution in image format thanku Exercise 5-5 (Algo) Part bb. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions.Gross marginFIFOLIFODifference !Required informationExercise 5-5 (Algo) Effect of inventory cost flow on ending inventory balance and gross margin LO 5-1[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:January 20April 21July 25September 19Purchased 400 units @ $4 =Purchased 130 units @ $6 =Purchased 250 units @ $8 =Purchased 100 units @ $10 =During the year, The Shirt Shop sold 720 T-shirts for $15 each.Exercise 5-5 (Algo) Part aRequireda. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flowassumptions: (1) FIFO, (2) LIFO, and (3) weighted average.Note: Round intermediate calculations to 2 decimal places and final answers to nearest whole dollar amount.Ending inventoryFIFOLIFO$ 1,6007802,0001,000WeightedAverage

Valuation of Closing stock can be done using FIFO which represents First in and First out i.e. the…

Required information Exercise 5-5 (Algo) Effect of inventory cost flow on ending inventory balance and gross margin LO 5-1 [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: January 20 $ 1,600 April 21 780 Purchased 400 units @ $4 = Purchased 130 units @ $6 = Purchased 250 units @ $8 = Purchased 100 units @ $10 = July 25 September 19 2,000 1,000 During the year, The Shirt Shop sold 720 T-shirts for $15 each. Exercise 5-5 (Algo) Part a 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. Ending inventory FIFO LIFO Weighted Average

Required information Exercise 5-5 (Algo) Effect of inventory cost flow on ending inventory balance and gross margin LO 5-1 [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: January 20 $ 1,600 April 21 780 Purchased 400 units @ $4 = Purchased 130 units @ $6 = Purchased 250 units @ $8 = Purchased 100 units @ $10 = July 25 September 19 2,000 1,000 During the year, The Shirt Shop sold 720 T-shirts for $15 each. Exercise 5-5 (Algo) Part a 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. Ending inventory FIFO LIFO Weighted Average

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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