Question
In: Accounting
The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of...
The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations:
| Jan. 20 | Purchased | 400 | units | @ | $ | 8 | = | $ | 3,200 | |
| Apr. 21 | Purchased | 150 | units | @ | $ | 10 | = | 1,500 | ||
| July 25 | Purchased | 200 | units | @ | $ | 12 | = | 2,400 | ||
| Sept. 19 | Purchased | 100 | units | @ | $ | 14 | = | 1,400 | ||
During the year, The Shirt Shop sold 650 T-shirts for $19 each.
Required
- 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.
- Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions.
Solutions
Expert Solution
Hope it helps.. In case of any doubts or issues, please do comment below
ekkarill92 answered 1 year agoRelated Solutions
The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of...
The Shirt Shop had the following transactions for T-shirts for
Year 1, its first year of operations:
Jan. 20
Purchased
490
units
@
$
8
=
$
3,920
Apr. 21
Purchased
290
units
@
$
10
=
2,900
July 25
Purchased
370
units
@
$
13
=
4,810
Sept. 19
Purchased
180
units
@
$
15
=
2,700
During the year, The Shirt Shop sold 1,080 T-shirts for $24
each.
b. Record the above transactions in general journal form and...
The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations
The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations
Jan. 20
Purchased
490
units
@
$
8
=
$
3,920
Apr. 21
Purchased
290
units
@
$
10
=
2,900
July 25
Purchased
370
units
@
$
13
=
4,810
Sept. 19
Purchased
180
units
@
$
15
=
2,700
During the year, The...
The Shirt Shop had the following transactions for T-shirts for Year 1. its first year of operations:
The Shirt Shop had the following transactions for T-shirts for Year 1. its first year of operations: During the year, The Shirt Shop sold 960 T-shirts for $25 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 cost per unit to 2 decimal places and final answers to the nearest whole dollar amount.)
The Shirt Shop had the following transactions for T-shirts for 2018, its first year of operations:
The Shirt Shop had the following transactions for T-shirts for 2018, its first year of operations: Jan. 20 Purchased 400 units 8$3,200 Apr. 21 Purchased 200 units @ $10= 2,000 July 25Purchased 280 units e 13 3,640 Sept. 19 Purchased 90 units 151,350 During the year, The Shirt Shop sold 810 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,...
The Shirt Shop had the following transactions for T-shirts for 2016, its first year of operations:...
The Shirt Shop had the following transactions for T-shirts for
2016, its first year of operations:
Jan. 20
Purchased
460 units @ $8
=
$
3,680
Apr. 21
Purchased
260 units @ $10
=
2,600
July 25
Purchased
340 units @ $13
=
4,420
Sept. 19
Purchased
150 units @ $15
=
2,250
During the year, The Shirt Shop sold 990 T-shirts for $24
each.
Required
a.
Compute the amount of ending inventory The Shirt Shop would...
The Shirt Shop had the following transactions for T-shirts for 2018, its first year of operations:...
The Shirt Shop had the following transactions for T-shirts for
2018, its first year of operations:
Jan. 20
Purchased
400
units
@
$
4
=
$
1,600
Apr. 21
Purchased
90
units
@
$
5
=
450
July 25
Purchased
250
units
@
$
7
=
1,750
Sept. 19
Purchased
60
units
@
$
9
=
540
During the year, The Shirt Shop sold 650 T-shirts for $14
each.
Required
a. Compute the amount of ending inventory The
Shirt Shop...
The Shirt Shop had the following transactions for T-shirts for 2018, its first year of operations:...
The Shirt Shop had the following transactions for T-shirts for
2018, its first year of operations:
Jan. 20 Purchased 420 units @ $ 9 = $ 3,780
Apr. 21 Purchased 150 units @ $ 10 = 1,500
July 25 Purchased 230 units @ $ 12 = 2,760
Sept. 19 Purchased 80 units @ $ 13 = 1,040
During the year, The Shirt Shop sold 730 T-shirts for $18
each.
Compute the difference in gross margin between the FIFO and LIFO...
The Shirt Shop had the following transactions for T-shirts for 2016, its first year of operations:...
The Shirt Shop had the following transactions for T-shirts for
2016, its first year of operations:
Jan. 20 Purchased 420 units @ $8 = $ 3,360
Apr. 21 Purchased 220 units @ $10 = 2,200
July 25 Purchased 300 units @ $13 = 3,900
Sept. 19 Purchased 110 units @ $15 = 1,650
During the year, The Shirt Shop sold 870 T-shirts for $24
each.
a. Compute the amount of ending inventory The Shirt Shop would
report on the balance...
The Shirt Shop had the following transactions for T-shirts for 2016, its first year of operations:...
The Shirt Shop had the following transactions for T-shirts for
2016, its first year of operations: Jan. 20 Purchased 590 units @
$8 = $ 4,720 Apr. 21 Purchased 390 units @ $10 = 3,900 July 25
Purchased 470 units @ $13 = 6,110 Sept. 19 Purchased 280 units @
$15 = 4,200 During the year, The Shirt Shop sold 1,380 T-shirts for
$24 each. 7. Required information Required a.Compute the amount of
ending inventory The Shirt Shop would report...
The Shirt Shop had the following transactions for T-shirts for 2018, its first year of operations:...
The Shirt Shop had the following transactions for T-shirts for
2018, its first year of operations:
Jan. 20 Purchased 420 units @ $ 9 = $ 3,780
Apr. 21 Purchased 150 units @ $ 10 = 1,500
July 25 Purchased 230 units @ $ 12 = 2,760
Sept. 19 Purchased 80 units @ $ 13 = 1,040
During the year, The Shirt Shop sold 730 T-shirts for $18 each.
Compute the difference in GROSS MARGIN between the FIFO and LIFO...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- JAVASCRIPT: Please create an array of student names and another array of student grades. - Create...
- Topic - Construction: Structural, loads, tension 1.) Explain why pure tension members are the most efficient...
- Procter and Gamble (PG) paid an annual dividend of $ 1.62$1.62 in 2009. You expect PG...
- locate a recent case of online child pornography. Write a summary of the incident and describe...
- #Python 5. Write function called evaluate() that evaluates the following Python expressions or assignments as specified:...
- Suggest journal, research paper link reference. i need this as reference for writing a research with...
- Cryptography is used heavily in internet communications. True or false? Explain
ADVERTISEMENT