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The Shirt Shop had the following transactions for T-shirts for 2016, its first year of operations: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 400 units @ $8 = $3,200 200 units @ $10 = 280 units @ $13 = 90 units @ $20 = 2,000 3,640 1,800 During the year, The Shirt Shop sold 810 T-shirts for $20 each.

The Shirt Shop had the following transactions for T-shirts for 2016, its first year of operations: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 400 units @ $8 = $3,200 200 units @ $10 = 280 units @ $13 = 90 units @ $20 = 2,000 3,640 1,800 During the year, The Shirt Shop sold 810 T-shirts for $20 each.

FINANCIAL ACCOUNTING
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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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.) FIFO LIFO Weighted Average Ending Inventory Difference in gross margin between the FIFO and LIFO cost flow assumptions
Transcribed Image Text: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.) FIFO LIFO Weighted Average Ending Inventory Difference in gross margin between the FIFO and LIFO cost flow assumptions
The Shirt Shop had the following transactions for T-shirts for 2016, its first year of operations: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 400 units @ $8 = $3,200 200 units @ $10 = 2,000 280 units @ $13 = 3,640 90 units @ $20 = 1,800 During the year, The Shirt Shop sold 810 T-shirts for $20 each.
Transcribed Image Text:The Shirt Shop had the following transactions for T-shirts for 2016, its first year of operations: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 400 units @ $8 = $3,200 200 units @ $10 = 2,000 280 units @ $13 = 3,640 90 units @ $20 = 1,800 During the year, The Shirt Shop sold 810 T-shirts for $20 each.
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