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Accounting

Required information

[The following information applies to the questions displayed below.]

The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations:

Jan. 20 Purchased 490 units @ $ 8 = $ 3,920
Apr. 21 Purchased 290 units @ $ 10 = 2,900
July 25 Purchased 370 units @ $ 13 = 4,810
Sept. 19 Purchased 180 units @ $ 15 = 2,700

During the year, The Shirt Shop sold 1,080 T-shirts for $24 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.)

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