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: Jan. 20 Purchased 440 units $2,640 Purchased 140 units 1,120 Apr. 21 July 25 Sept. 19 Purchased Purchased 210 units $10 - 2,100 80 units $12 - 960 During the year, The Shirt Shop sold 690 T-shirts for $17 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: Jan. 20 Purchased 440 units $2,640 Purchased 140 units 1,120 Apr. 21 July 25 Sept. 19 Purchased Purchased 210 units $10 - 2,100 80 units $12 - 960 During the year, The Shirt Shop sold 690 T-shirts for $17 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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![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:
Jan. 20
Purchased
440 units
$2,640
Purchased
140 units
1,120
Apr. 21
July 25
Sept. 19 Purchased
Purchased
210 units
$10 -
2,100
80 units
$12 -
960
During the year, The Shirt Shop sold 690 T-shirts for $17 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%2Fd10f884b-6753-44fe-997f-af50a8e0d0d1%2F1041dd9b-0036-425a-961b-a3295943a69b%2F24cgcta.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:
Jan. 20
Purchased
440 units
$2,640
Purchased
140 units
1,120
Apr. 21
July 25
Sept. 19 Purchased
Purchased
210 units
$10 -
2,100
80 units
$12 -
960
During the year, The Shirt Shop sold 690 T-shirts for $17 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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