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: January 20 Purchased 480 units @ $11 = $ 5,280 April 21 Purchased 140 units @ $13 = 1,820 July 25 Purchased 240 units @ $15 = 3,600 September 19 Purchased 100 units @ $16 = 1,600 During the year, The Shirt Shop sold 800 T-shirts for $21 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. Note: Round intermediate calculations to 2 decimal places and final answers to nearest whole dollar amount
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