Check my work Exercise 5-5 Effect of inventory cost flow on ending inventory balance and...
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Check my work Exercise 5-5 Effect of inventory cost flow on ending inventory balance and gross margin LO 5-1 [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 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 4ee units 90 units 250 units 60 units @ @ @ @ $ 4 = $5= $ 7 = $ 9 = $1,600 450 1,750 540 During the year, The Shirt Shop sold 650 T-shirts for $14 each. Exercise 5-5 Part a 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 intermediate calculations to 2 decimal places and final answers to nearest whole dollar amount.) FIFO LIFO Weighted Average Ending inventory
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