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: Jarf, 201 Purchased 460 units @ $6= $2,760 840 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased 120 units @ $ 7 = 220 units @ $9= 90 units @ $10 = 1,980 900 During the year, The Shirt Shop sold 720 T-shirts for $15 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 intermediate calculations to 2 decimal places and final answers to 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: Jarf, 201 Purchased 460 units @ $6= $2,760 840 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased 120 units @ $ 7 = 220 units @ $9= 90 units @ $10 = 1,980 900 During the year, The Shirt Shop sold 720 T-shirts for $15 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 intermediate calculations to 2 decimal places and final answers to nearest whole dollar amount.) FIFO LIFO Weighted Average Ending inventory
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Survey Of Accounting
ISBN: 9781260575293
6th Edition
Authors: Thomas Edmonds, Christopher Edmonds, Philip Olds
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