lved: Effect of invento xD Assignment Results ? | ezto.mheducation.com/hm.tpx?to

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lved: Effect of invento xD Assignment Results ? | ezto.mheducation.com/hm.tpx?todospostSubmissionview The following information applies to the questions displayed below The Shirt Shop had the following transactions for T-shirts for 2016, its first year of operations Jan. 20Purchased Apr 21 Purchased 200 units $102.000 July 25 Purchased 280 units@$13 3,640 Sept. 19 Purchased 400 units o $8 $3,200 90 units a $201800 During the year, The Shirt Shop sold 810 T-shirts for $20 each Award: 4.78 out of 714 points Show correct answer 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) L?FO, and (3) Weighted average. (Round cost per unit to 2 decimal places and final answers to the nearest whole dollar amount) FIFO LIFO Weighted Ending s 2.710 S 1.681 3 S 1,280 Average O Type here to search

Explanation / Answer

FIFO Date Particulars Units   Cost Amount COGS 20-Jan Purchase                      400.00                      8.00                       3,200.00 21-Apr Purchase                      200.00                    10.00                       2,000.00 25-Jul Purchase                      280.00                    13.00                       3,640.00 19-Sep Purchase                         90.00                    20.00                       1,800.00 Total                      970.00                     10,640.00 COGS                      810.00                       7,930.00 400*8+200*10+210*13 Ending Inventory                        160.00                       2,710.00 70*13+90*20 LIFO Date Particulars Units   Cost Amount COGS 20-Jan Purchase                      400.00                      8.00                       3,200.00 21-Apr Purchase                      200.00                    10.00                       2,000.00 25-Jul Purchase                      280.00                    13.00                       3,640.00 19-Sep Purchase                         90.00                    20.00                       1,800.00 Total                      970.00                     10,640.00 COGS                      810.00                       9,360.00 90*20+280*13+200*10+240*8 Ending Inventory                        160.00                       1,280.00 160*8 Weighted average Date Particulars Units   Cost Amount COGS 20-Jan Purchase                      400.00                      8.00                       3,200.00 21-Apr Purchase                      200.00                    10.00                       2,000.00 25-Jul Purchase                      280.00                    13.00                       3,640.00 19-Sep Purchase                         90.00                    20.00                       1,800.00 Total                      970.00               10.9700                     10,640.00 COGS                      810.00               10.9700                             8,886 810*10.97 Ending Inventory                        160.00               10.9700                             1,755 160*10.97

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