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

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 11EA: Dream Big Pillow Co. pays 65% of its purchases in the month of purchase, 30% the month after the...

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Rennie’s Electronic Gadgets sells a variety of electronic devices including a variety of WIFI SMARTcamera bulbs. The business began the second quarter (April to June) of 2020 with 15 (V380PRO)camera bulbs at a total cost of $108,750. The following transactions relating to the “V380PRO” camerabulbs were completed 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 business location.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 longstanding customers of the business)May 6 A new batch of 80 bulbs was purchased at a total cost of $654,800May 9 Upon inspection of the bulbs purchased on May 6, five (5) of the units were found to bedefective and were returned to the supplier.May 31 During the month 62 of the camera bulbs were sold at a price of…
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