Please do not give solution in image format thanku a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assumingthe following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. (Round cost perunit to 2 decimal places and final answers to the nearest whole dollar amount.)FIFOLIFOWeighted AverageEndingInventoryDifference 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. 20Apr. 21July 25Sept. 19PurchasedPurchasedPurchasedPurchased400 units @ $8 = $3,200200 units @ $10 =2,000280 units @ $13 =3,64090 units @ $20 =1,800During the year, The Shirt Shop sold 810 T-shirts for $20 each.

Under the FIFO method, the oldest products in inventory have been sold first. Under the LIFO method,…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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