[The following information applies to the questions displayed below.]   The Shirt Shop had the following transactions for T-shirts for 2018, its first year of operations:                        Jan. 20 Purchased 400 units @ $ 8 = $ 3,200   Apr. 21 Purchased 200 units @ $ 10 =   2,000   July 25 Purchased 280 units @ $ 13 =   3,640   Sept. 19 Purchased 90 units @ $ 15 =   1,350      During the year, The Shirt Shop sold 810 T-shirts for $20 each.   Requireda. 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 nearest whole dollar amount.) b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions.

Consider the information below for Jack's Fantastic Chairs company, for the month of January 2020. January 1st Beginning Inventory 0 Chairs in shop January 10th Purchased in Inventory 250 Chairs @ $13 cost each January 12th Purchased in Inventory 50 Chairs @ $15 cost each January 17th Purchased in Inventory 72 Chairs @ $20 cost each Jack uses the Periodic System to keep track of his Inventory. On January 31st, Jack counts his ending Inventory. He has 35 Chairs unsold (still in his shop). Therefore, the value of his Ending Inventory for the month for January, assuming Average Costing, is: Select one: O a. $512 O b. $490 O c. $500 O d. $497

Required information [The following information applies to the questions displayed below.] Sylvester has a bird shop that sells canaries. Sylvester maintains accurate records on the number of birds purchased from its suppliers and the number sold to customers. The records show the following purchases and sales during 2021. Cost per Unit $ 28 Date Transactions Units Total Cost Beginning inventory January 1 Аpril 14 August 22 October 29 $1,036 2,040 3,776 37 Purchase 68 30 Purchase 118 32 Purchase 83 34 2,822 306 $9,674 Jan. 1-Dec. 31 Sales ($48 each) 272 Sylvester uses a periodic inventory system and believes there are 34 birds remaining in ending inventory. However, Sylvester neglects to make a final inventory count at the end of the year. An employee accidentally left one of the cages open one night and 10 birds flew away, leaving only 24 birds in ending inventory. Sylvester is not aware of the lost canaries 2. What amount would Sylvester calculate for ending inventory and cost of…

The Wizz Electronics sells a variety of electronic devices including a variety of WIFI SMART camerabulbs. The business began the second quarter (April to June) of 2022 with 15 (V380PRO) camera bulbsat a total cost of $108,750. The following transactions relating to the “V380PRO” camera bulbs werecompleted during the quarter. April 7        90 bulbs were purchased at a cost of $6,850 each. In addition, the business paid freightcharges of $800 cash on each bulb to have the inventory shipped from the point ofpurchase to their warehouse. April 30      The sales for April were 75 bulbs which yielded total sales revenue of $803,250. (15 ofthese bulbs were sold on account to two longstanding customers of the business) May 6        A new batch of 80 bulbs was purchased at a total cost of $654,800 May 9        Upon inspection of the inventory purchased on May 6, five (5) of the bulbs were found tobe defective and were returned to the supplier. May 31      During the month 62 of the camera bulbs…