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  3. 1 the short shop had the following transactions fo

1 The Short Shop had the following transactions for Thirts for Year its first year...

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Accounting

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1 The Short Shop had the following transactions for Thirts for Year its first year of operations Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 400 units 200 units units 53-53,200 510. 2.000 513 - 3.646 . 315 - 1.50 8 ose 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 tow assumptions in FIFO.12) UFO, and (3) weighted average b. Compute the difference in gross margin between the FIFO and UFO cost flow assumptions Complete this question by entering your answers in the tabs below. Required A Required 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.) FUFO LIFO Weight Average Ending inventory Required)

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