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Accounting Assignment | College Homework Help

Required information [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. 20Purchased Apr. 21 Purchased July 25 Purchased Sept. College Homework Help19 Purchased 370 units 140 units 220 units 100 units $12 $13 – $15 $16 – $4,440 1,820 3.300 1,600 During the year, The Shirt Shop sold 690 T-shirts for $21 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 Required information [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 370 units 140 units 220 units 100 units @ $ 12 – @ $ 13 – @ $ 15 – @ $ 16 = $4,440 1,820 3,300 1,600 During the year, The Shirt Shop sold 690 T-shirts for $21 each. b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. FIFO LIFO Difference Gross margin Get Accounting Homework Help Today

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