The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations. January 20 April 21 July 25 September 19 Purchased 500 units @ $ 7 = Purchased 300 units @ $9 = Purchased 380 units @ $12 = Purchased 190 units @ $14 = $3,500 2,700 4,560 2,660 During the year, The Shirt Shop sold 1,110 T-shirts for $23 each. 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 FIFO LIFO Weighted average

The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations. January 20 April 21 July 25 September 19 Purchased 500 units @ $ 7 = Purchased 300 units @ $9 = Purchased 380 units @ $12 = Purchased 190 units @ $14 = $3,500 2,700 4,560 2,660 During the year, The Shirt Shop sold 1,110 T-shirts for $23 each. 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 FIFO LIFO Weighted average

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Description: 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.January 20April 21July 25September 19Purchased 500 units @ $

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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The Shirt Shop had the following transactions for T-shirts for 2018, its first year of operations: $ 9 @ $11 @ $12 = @ $13 440 units $3,960 1,430 2,880 Jan. 20 Purchased Apr. 21 July 25 Sept. 19 Purchased 130 units Purchased 240 units Purchased 70 units 910 %3D During the year, The Shirt Shop sold 710 T-shirts for $18 each. 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 intermediate calculations to 2 decimal places and final answers to the nearest whole dollar amount. Weighted Average FIFO LIFO Ending inventory Il || ||II
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