The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations. January 20 $3,780 April 21 Purchased 540 units @ $7= Purchased 340 units @ $9 = Purchased 420 units @ $12 = Purchased 230 units @ $14 = July 25 September 19 3,060 5,040 3,220 During the year, The Shirt Shop sold 1,230 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 Anth
The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations. January 20 $3,780 April 21 Purchased 540 units @ $7= Purchased 340 units @ $9 = Purchased 420 units @ $12 = Purchased 230 units @ $14 = July 25 September 19 3,060 5,040 3,220 During the year, The Shirt Shop sold 1,230 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 Anth
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![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.
A
Purchased 540 units @ $ 7 =
Purchased 340 units @ $9 =
Purchased 420 units @ $12 =
Purchased 230 units @ $14 =
$3,780
3,060
5,040
3,220
During the year, The Shirt Shop sold 1,230 T-shirts for $23 each.
January 201
April 21
July 25
September 19
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.)
FIFO
LIFO
Weighted average
Ending
Inventory](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fef0b92b1-f8ea-4fe6-9288-439e092fe743%2Fff49e403-83bb-45c7-b860-e0f232fc8ab3%2F2numxeup_processed.png&w=3840&q=75)
Transcribed Image Text: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.
A
Purchased 540 units @ $ 7 =
Purchased 340 units @ $9 =
Purchased 420 units @ $12 =
Purchased 230 units @ $14 =
$3,780
3,060
5,040
3,220
During the year, The Shirt Shop sold 1,230 T-shirts for $23 each.
January 201
April 21
July 25
September 19
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.)
FIFO
LIFO
Weighted average
Ending
Inventory
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