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Compute the amount of ending inventory The Shirt Shop would report on the balance sheet,...

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Accounting

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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. Note: Round intermediate calculations to 2 decimal places and final answers to the nearest whole dollar amount. The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: During the year, The Shirt Shop sold 530 T-shirts for $15 each. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions

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