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 April 21 July 25 Purchased 410 units @ $ 9 = Purchased 210 units @ $11 = Purchased 290 units @ $14 = Purchased 100 units @ $16 = September 19 During the year, The Shirt Shop sold 840 T-shirts for $25 each. $3,690 2,310 4,060 1,600 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.)
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 April 21 July 25 Purchased 410 units @ $ 9 = Purchased 210 units @ $11 = Purchased 290 units @ $14 = Purchased 100 units @ $16 = September 19 During the year, The Shirt Shop sold 840 T-shirts for $25 each. $3,690 2,310 4,060 1,600 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.)
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 Year 1, its first year of operations.
January 20
April 21
Purchased 410 units @ $ 9 =
Purchased 210 units @ $11 =
Purchased 290 units @ $14 =
Purchased 100 units @ $16 =
$3,690
2,310
July 25
4,060
September 19
1,600
During the year, The Shirt Shop sold 840 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.)
X Answer is not complete.
Ending
Inventory
FIFO
LIFO
Weighted average](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1a7c8996-9db7-43b9-981a-42bf2189f9e1%2F53a3fc23-81e5-4298-9d43-c9ce78f3a0a3%2Fs8rzuf_processed.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 Year 1, its first year of operations.
January 20
April 21
Purchased 410 units @ $ 9 =
Purchased 210 units @ $11 =
Purchased 290 units @ $14 =
Purchased 100 units @ $16 =
$3,690
2,310
July 25
4,060
September 19
1,600
During the year, The Shirt Shop sold 840 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.)
X Answer is not complete.
Ending
Inventory
FIFO
LIFO
Weighted average
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