Don't provide answers in image format The Shirt Shop had the following transactions for T-shirts for 2016, its first year of operations:Jan. 20Apr. 21July 25Sept. 19PurchasedPurchasedPurchasedPurchasedDuring the year, The Shirt Shop sold 810 T-shirts for $20 each.400 units @ $8= $3,200200 units @ $10 =2,000280 units @ $13 =3,64090 units @ $20=1,800Requireda. 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 AverageEndingInventory$$$4,5301,2801,755

INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…

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 FIFO LIFO 280 units @ $13 = 90 units @ $20= During the year, The Shirt Shop sold 810 T-shirts for $20 each. $ $ Weighted Average $ 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.) Ending Inventory 3,640 1,800 4,530 1,280 1,755

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 FIFO LIFO 280 units @ $13 = 90 units @ $20= During the year, The Shirt Shop sold 810 T-shirts for $20 each. $ $ Weighted Average $ 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.) Ending Inventory 3,640 1,800 4,530 1,280 1,755

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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