1 Required information [The following information applies to the questions displayed below The Shirt Shop...
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1 Required information [The following information applies to the questions displayed below The Shirt Shop had the followi ng transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Purchased 600 units7 $4,200 Apr. 21 Purchased400 units9 3,600 July 25 Purchased 480 units 12 5,760 Sept. 19 Purchased 290 units $144,060 During the year, The Shirt Shop sold 1,410 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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