The Shirt Shop had the following transactions for T-shirts for 2018, its first year of operations: Jan. 20 Purchased 440 units @ $ 6 = $ 2,640 Apr. 21 Purchased 140 units @ $ 8 = 1,120 July 25 Purchased 210 units @ $ 10 = 2,100 Sept. 19 Purchased 80 units @ $ 12 = 960

During the year, The Shirt Shop sold 690 T-shirts for $17 each.

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

(3) weighted average

Answer rating: 100% (QA)

a Ending Inventory Units Available for Sale Units sold 870 690 180 units ... View the full answer