Required information Exercise 5-5 (Algo) Effect of inventory cost flow on ending inventory balance and...
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Required information Exercise 5-5 (Algo) Effect of inventory cost flow on ending inventory balance and gross margin LO 5 -1 [The following informationi applles to the questions displayed below.] The Shirt Shop had the following transoctions for T-shirts for Year 1, its first year of operations: During the year, The Shirt Shop sold 800 T-shirts for $21 each. Exercise 5-5 (Algo) Part a Required a. Compute the amount of ending imventory 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 answors to nearest whole dellar amount
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