Exercise 5-5B

listed in Requirement flow from operating activities, using tach of the three cout flow awmpener differences. Exercise 5-58 Effect of imentory cost flow on ending inientery kelance and cnw: mamgin The Shirt Shop had the following transactions for Teshirs for Year 1, it firs year of operatioes omdifs imichiof During the year. The Shirt Shop sold 800 T-shirts for $25 each. Required a. Compute the amount of ending inventory The Stirt Shop would report on the hasce thet rounded to two decimal places. Exercise 5-6B Income tax effect of shifritg from FIFO w LIFO The Shirt Stiop had the following transactions for Tshitts for Year 1, it firal yeut of anoretions Duries the year, The Shirt Shop sold 800 T-4hirts for $25 esch Required 2. Compute the amount of ending inventory The Shirt Shop would report oa the balance sheet assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted averape, rounded to two decimal places. h. Compute the difference in gross margin between the PIFO asd LIFO cost-flow assumptions. Exercise 5.6B Income tax effect of shifing from FIFO to LIFO The following information pertains to the inventory of Steelman Conspany for Year 2: Exercise 5-6B Incone tax effect of shiftimy from FIFO to LIFO tos1 The following information pertains to the inventory of Steciman Company for Year 2