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. January 20 $4,590 3,410 April 21 July 25 September 19 Purchased 510 units @ $9. Purchased 310 units @ $11- Purchased 390 units @ $14- Purchased 200 units@ $16- 5,460 3.200 During the year, The Shirt Shop sold 1,140 T-shirts for $25 each 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.) FIFO LIFO Weighted average Ending Inventory S S 4,180 2,430
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. January 20 $4,590 3,410 April 21 July 25 September 19 Purchased 510 units @ $9. Purchased 310 units @ $11- Purchased 390 units @ $14- Purchased 200 units@ $16- 5,460 3.200 During the year, The Shirt Shop sold 1,140 T-shirts for $25 each 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.) FIFO LIFO Weighted average Ending Inventory S S 4,180 2,430
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Do not give image format
![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.
January 20
$4,590
3,410
April 21
July 25
September 19
Purchased 510 units @ $9-
Purchased 310 units @ $11-
Purchased 390 units @ $14-
Purchased 200 units@ $16-
5,460
3.200
During the year, The Shirt Shop sold 1,140 T-shirts for $25 each
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.)
FIFO
LIFO
Weighted average
Ending
Inventory
S
S
4,180
2,430](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff0a4e976-3597-4de8-93c3-f330d3be0980%2F01ffec3b-4f69-4fa4-8a3c-fab8b2b263a7%2Ff9wsfy_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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.
January 20
$4,590
3,410
April 21
July 25
September 19
Purchased 510 units @ $9-
Purchased 310 units @ $11-
Purchased 390 units @ $14-
Purchased 200 units@ $16-
5,460
3.200
During the year, The Shirt Shop sold 1,140 T-shirts for $25 each
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.)
FIFO
LIFO
Weighted average
Ending
Inventory
S
S
4,180
2,430
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