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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![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 201
April 21
July 25
September 19
Exercise 5-5 (Algo) Part a
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.
Ending inventory
FIFO
LIFO
$1,600
780
2,000
1,000
Weighted
Average](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc3fe78a5-3321-472c-8812-9a9989bac7f2%2F749cd375-c3be-4293-98f8-5cb82ab7f90b%2F4m70hp_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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 201
April 21
July 25
September 19
Exercise 5-5 (Algo) Part a
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.
Ending inventory
FIFO
LIFO
$1,600
780
2,000
1,000
Weighted
Average
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