Shirt Shop had the following transactions for T - shirts for Year 1 , its first year
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Question:
Shirt Shop had the following transactions for Tshirts for Year its first year of operations:
January Purchased units @ $ $
April Purchased units @ $
July Purchased units @ $
September Purchased units @ $
During the year, The Shirt Shop sold Tshirts for $ each.
Required
Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions:
FIFO
LIFO and
weighted average
Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions.
Related Book For
Survey of Accounting
ISBN: 978-1259631122
5th edition
Authors: Thomas Edmonds, Christopher Edmonds, Philip Olds, Frances McNair, Bor Yi Tsay
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