Skip to question [The following information applies to the questions displayed below.] The Shirt Shop...
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Skip to question [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: January 20 Purchased 410 units @ $12 = $ 4,920 April 21 Purchased 130 units @ $13 = 1,690 July 25 Purchased 230 units @ $14 = 3,220 September 19 Purchased 80 units @ $15 = 1,200 During the year, The Shirt Shop sold 680 T-shirts for $20 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. Note: Round intermediate calculations to 2 decimal places and final answers to nearest whole dollar
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