! 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 2 September 19 Purchased 580 units @ $ 9 = Purchased 380 units @ $11 = Purchased 460 units @ $14 = Purchased 270 units @ $16 = $5,220 4,180 6,440 4,320 During the year, The Shirt Shop sold 1,350 T-shirts for $25 each. Check 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 2 September 19 Purchased 580 units @ $ 9 = Purchased 380 units @ $11 = Purchased 460 units @ $14 = Purchased 270 units @ $16 = $5,220 4,180 6,440 4,320 During the year, The Shirt Shop sold 1,350 T-shirts for $25 each. Check 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.)

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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