Question: Saved 5 Required information Exercise 5-5 Effect of inventory cost flow on ending inventory balance and gross margin LO 5-1 [The following information applies to

 Saved 5 Required information Exercise 5-5 Effect of inventory cost flow

Saved 5 Required information Exercise 5-5 Effect of inventory cost flow on ending inventory balance and gross margin LO 5-1 [The following information applies to the questions displayed below] The Shirt Shop had the following transactions for T-shirts for 2018, its first year of operations: Jan 20 Apr 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 400 units 200 units 280 units 90 units OOK @ $B$3,200 $10 2,900 $ 13 3,640 @ 5.15- 1,350 VE During the year, The Shirt Shop sold 810 T-shirts for $20 each Exercise 5-5 Part a 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 Intermediate calculations to 2 decimal places and final answers to nearest whole dollar amount.) FIFO LIFO Weighted Averago Ending inventory

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