The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of...
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The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations. January 20 April 21 July 25 September 19 Purchased 540 units @ $ 7 Purchased 340 units @ $9 = Purchased 420 units @ $12 Purchased 230 units @ $14 = = $3,780 3,060 = 5,040 3,220 During the year, The Shirt Shop sold 1,230 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.) FIFO LIFO Weighted average Ending Inventory The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations. January 20 April 21 July 25 September 19 Purchased 540 units @ $ 7 Purchased 340 units @ $9 = Purchased 420 units @ $12 Purchased 230 units @ $14 = = $3,780 3,060 = 5,040 3,220 During the year, The Shirt Shop sold 1,230 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.) FIFO LIFO Weighted average Ending Inventory
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To compute the amount of ending inventory The Shirt Shop would report on the balance sheet we need to calculate the cost of the remaining inventory us... View the full answer
Related Book For
Survey Of Accounting
ISBN: 9781260575293
6th Edition
Authors: Thomas Edmonds, Christopher Edmonds, Philip Olds
Posted Date:
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