Required information [The following information applies to the questions displayed below.] The Shirt Shop had the following transactions for T-shirts for 2018, its first year of operations: Purchased 420 units $ 9 $10 $12 $13 $3,780 Jan. 20 Apr. 21 July 25 Sept. 19 Purchased 150 units 1,500 2,760 1,040 Purchased 230 units Purchased 80 units During the year, The Shirt Shop sold 730 T-shirts for $18 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 intermediate calculations to 2 decimal places and final answers to the nearest whole dollar amount. Weighted Average FIFO LIFO Ending inventory
Required information [The following information applies to the questions displayed below.] The Shirt Shop had the following transactions for T-shirts for 2018, its first year of operations: Purchased 420 units $ 9 $10 $12 $13 $3,780 Jan. 20 Apr. 21 July 25 Sept. 19 Purchased 150 units 1,500 2,760 1,040 Purchased 230 units Purchased 80 units During the year, The Shirt Shop sold 730 T-shirts for $18 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 intermediate calculations to 2 decimal places and final answers to the nearest whole dollar amount. Weighted Average FIFO LIFO Ending inventory
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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- 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 the nearest whole dollar amount.
![Required information
[The following information applies to the questions displayed below.]
The Shirt Shop had the following transactions for T-shirts for 2018, its first year of operations:
Purchased
420 units
$ 9
$10
$12
$13
$3,780
Jan. 20
Apr. 21
July 25
Sept. 19
Purchased
150 units
1,500
2,760
1,040
Purchased
230 units
Purchased
80 units
During the year, The Shirt Shop sold 730 T-shirts for $18 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 intermediate calculations to 2 decimal places and final answers
to the nearest whole dollar amount.
Weighted
Average
FIFO
LIFO
Ending inventory](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F86c6d28a-3850-4748-93d2-1cdd79a77362%2F0ca80f69-d120-431c-8660-0a274c605021%2Fpnemh79.png&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 2018, its first year of operations:
Purchased
420 units
$ 9
$10
$12
$13
$3,780
Jan. 20
Apr. 21
July 25
Sept. 19
Purchased
150 units
1,500
2,760
1,040
Purchased
230 units
Purchased
80 units
During the year, The Shirt Shop sold 730 T-shirts for $18 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 intermediate calculations to 2 decimal places and final answers
to the nearest whole dollar amount.
Weighted
Average
FIFO
LIFO
Ending inventory
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