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Compute the amount of ending inventory

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Question - The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations:

Jan. 2..s @ $4 = $1,320

Apr. 21 Purchased 80 units @$6 = 480

July 2..s @ $8 = 1,760

Sept. 19 Purchased 70 units @ $10= 700

During the year, The Shirt Shop sold 530 T-shirts for $15 each.

Required -

1. 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.

2. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions.

Reference no: EM132759463

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