The Shirt Shop had the following transactions for T-shirts for 2016, 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 @ $20 = 1,800 During the year, The Shirt Shop sold 810 T-shirts for $20 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.) FIFO LIFO Weighted Average Ending Inventory

The Shirt Shop had the following transactions for T-shirts for 2016, 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 @ $20 = 1,800 During the year, The Shirt Shop sold 810 T-shirts for $20 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.) FIFO LIFO Weighted Average Ending Inventory

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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