Please don't give solution image based thanku The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations:440Purchased.PurchasedPurchasedPurchased390 units e $3= $1,170110 units.@ $4=@$6-$8=1,380230 units90 units@720Jan. 20Apr. 21July 25Sept. 19During the year, The Shirt Shop sold 620 T-shirts for $13 each.Requireda. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flowassumptions: (1) FIFO, (2) LIFO, and (3) weighted average.b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions.Complete this question by entering your answers in the tabs below.Required ARequired BCompute the difference in gross margin between the FIFO and LIFO cost flow assumptions.FIFOLIFODifferenceGross margin< Required ARequired > The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations:@$3@$4@$6@$8-Jan. 20 PurchasedApr. 21 PurchasedJuly 25 PurchasedSept. 19 Purchased.390 units110 units230 units90 unitsDuring the year, The Shirt Shop sold 620 T-shirts for $13 each.Requireda. Compute the amount of ending Inventory The Shirt Shop would report on the balance sheet, assuming the following cost flowassumptions: (1) FIFO, (2) LIFO, and (3) weighted average.b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions.Complete this question by entering your answers in the tabs below.Ending inventoryRequired A Required BCompute the amount of ending Inventory The Shirt Shop would report on the balance sheet, assuming the following cost flowassumptions: (1) FIFO, (2) LIFO, and (3) weighted average. (Round intermediate calculations to 2 decimal places and finalanswers to the nearest whole dollar amount.)FIFO$1,1704401,380720LIFOWeightedAverageRequired ARequired >

The inventory can be valued using various methods as FIFO, LIFO and average method. Using average…

The Shirt Shop had the following transactions for T-shirts for Jan. 20 Purchased Apr. 21 Purchased Purchased July 25 Sept. 19 Purchased 390 units e $3= $1,170 110 units e $4= 230 units @ $6=> 90 units e $8= 440 1,380 720 During the year, The Shirt Shop sold 620 T-shirts for $13 each. Required a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow

The Shirt Shop had the following transactions for T-shirts for Jan. 20 Purchased Apr. 21 Purchased Purchased July 25 Sept. 19 Purchased 390 units e $3= $1,170 110 units e $4= 230 units @ $6=> 90 units e $8= 440 1,380 720 During the year, The Shirt Shop sold 620 T-shirts for $13 each. Required a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 4CP: Golden Eagle Company began operations on April 1 by selling a single product. Data on purchases and...

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The Shirt Shop had the following transactions for T-shirts for Year 1, Its first year of operations: Purchased 400 units @ $4= Purchased 130 units @ $6 = Purchased 250 units @ $8 = Purchased 100 units @ $10 = During the year, The Shirt Shop sold 720 T-shirts for $15 each. January 201 April 21 July 25 September 19 Exercise 5-5 (Algo) Part a Required e. 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 amount. Ending inventory FIFO LIFO $1,600 780 2,000 1,000 Weighted Average
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