The Shirt Shop had the following transactions for T-shirts for Year 1, its first year...
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Accounting
The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations:
Jan. 20 Purchased 430 units @ $ 7 = $ 3,010
Apr. 21 Purchased 230 units @ $ 9 = 2,070
July 25 Purchased 310 units @ $ 12 = 3,720
Sept. 19 Purchased 120 units @ $ 14 = 1,680
During the year, The Shirt Shop sold 900 T-shirts for $23 each. 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 cost per unit to 2 decimal places and final answers to the nearest whole dollar amount.)
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