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Exercise 5-5A (Algo) Effect of inventory cost flow on ending inventory balance and gross margin...

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Accounting

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Exercise 5-5A (Algo) 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 Year 1, its first year of operations. During the year, The Shirt Shop sold 1,050 T-shirts for $25 each. xercise 5-5A (Algo) Part a equired Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow ssumptions: (1) FIFO, (2) LIFO, and (3) weighted average. (Round cost per unit to 2 decimal places and final answers to the nearest hole dollar amount.)

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