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Compute the amount of ending inventory the shirt shop

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Reference no: EM132485206

Jan. 20 Purchased 600 units @ $ 7 = $ 4,200, Apr. 21 Purchased 400 units @ $ 9 = 3,600 , July 25 Purchased 480 units @ $ 12 = 5,760 Sept. 19 Purchased 290 units @ $ 14 = 4,060

  • During the year, The Shirt Shop sold 1,410 T-shirts for $23 each.

Question 1: 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.

  • Ending inventory
  • FIFO
  • LIFO
  • WEIGHTED AVERAGE

Reference no: EM132485206

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