The Shirt Shop had the following transactions for T-shirts for Year 1, Its first year of operations:Purchased 400 units @ $4=Purchased 130 units @ $6 =Purchased 250 units @ $8 =Purchased 100 units @ $10 =During the year, The Shirt Shop sold 720 T-shirts for $15 each.January 201April 21July 25September 19Exercise 5-5 (Algo) Part aRequirede. Compute the amount of ending Inventory The Shirt Shop would report on the balance sheet, assuming the following cost flowassumptions: (1) FIFO, (2) LIFO, and (3) weighted average.Note: Round Intermediate calculations to 2 decimal places and final answers to nearest whole dollar amount.Ending inventoryFIFOLIFO$1,6007802,0001,000WeightedAverage

Inventory valuation methods:FIFO Method: As per the FIFO Method, the goods that come first will be…

Shop had the following transactions for T-shirts for Year 1, its first year of operations: January 28 April 21 July 25 September 19 Purchased 400 units @ $4 = Purchased 130 units @ $6 = Purchased 250 units @ $8 = Purchased 100 units @ $10 = During the year, The Shirt Shop sold 720 T-shirts for $15 each. Exercise 5-5 (Algo) Part a $1,600 780 2,000 1,000 Required e. 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. Note: Round Intermediate calculations to 2 decimal places and final answers to nearest whole dollar amount.

Shop had the following transactions for T-shirts for Year 1, its first year of operations: January 28 April 21 July 25 September 19 Purchased 400 units @ $4 = Purchased 130 units @ $6 = Purchased 250 units @ $8 = Purchased 100 units @ $10 = During the year, The Shirt Shop sold 720 T-shirts for $15 each. Exercise 5-5 (Algo) Part a $1,600 780 2,000 1,000 Required e. 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. Note: Round Intermediate calculations to 2 decimal places and final answers to 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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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: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 410 units @ $ 9 = 210 units@ $ 11 = 290 units @ $ 14 = 100 units @ $ 16 = $3,690 2,310 4,060 1,600 During the year, The Shirt Shop sold 840 T-shirts for $25 each. c. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. Difference in gross margin between the FIFO and LIFO cost flow assumptions
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