![ykpwincess](/avatars/23573.jpg)
ykpwincess
26.02.2020 •
Business
The shirt shop had the following transactions for T-shirts for 2016, it,s first year of operations:
Jan. 20 Purchased 400 units @ $ 8 = $3,200
Apr. 21 purchased 200 [email protected] $10 = $ 2,000
july 25 purchased 280 units @$ 13 =3,640
sept, 19 purchased 90 units @$15 =1,350
During the year , the shirt shop sold 810 T-shirts for $30 each.
a. Compute the amount of ending inventory the shirt shop would report on the balance sheet, assuming the following cost flow assumption (1) FIFO (2) LIFO (3) weighted average
b. Record the above transactions in general journal form and post to T- account assuming the FIFO, LIFO, weighted average methods. Use a separate set of journal entries and T-accounts for each method . Assume all transactions are cash transactions
c. Compute the difference in gross margin between the FIFO AND LIFO cost flow assumption
Solved
Show answers
More tips
- A Auto and Moto Battle for the Relocation of The Cherkizovsky Market: Who Won?...
- F Food and Cooking Homemade kvass: recipe and brewing process...
- O Other What is a Disk Emulsifier and How Does it Work?...
- H Health and Medicine How to Calm Your Nerves? Expert Tips That Actually Work...
- A Animals and plants 5 Tips for Taking Care of Yews to Keep Them Green and Beautiful...
- S Sport How to wrap boxing hand wraps? Everything you need to know!...
- F Food and Cooking 10 Reasons Why You Should Avoid Giving Re-Gifts: An Informative Guide...
- F Family and Home Tender Care for Your Parquet: Is it Possible to Clean Parquet?...
- S Style and Beauty How Are Eyelash Extensions Applied? All Your Questions Answered...
- F Food and Cooking 10 Tips for Proper Sushi Consumption...
Answers on questions: Business
- B Business I m bored. Who is bored. Here s what I look like:...
- B Business Jillian wishes to purchase an all-inclusive insurance policy for her new car. if an insurance company quotes her a price of $100 per month, she should...
- B Business Alkyl ltd., designs shoes using computer-aided design, and they electronically store all new product information, including manufacturing instructions. when the designers have...
- B Business 3. Which of the following statements about the marginal product of labour is correct? A. It may either rise or fall as more labour is used. B. It always rises as more labour...
- B Business Given a contribution margin of $20, if 10,000 units are produced at a cost of $400,000 what is the sales revenue in USD? Pls explain how u got the answer A) $200,000 B) $300,000...
- B Business Clarify the term fair discrimination...
- B Business Looking at the picture do you think in the upcoming years loans borrowed will increase or decrease? any reasons?...
- B Business 1. Describe what is meant by wealth? 2. What is wealth and how do you think it relates to budgeting? 3. Identify a wealthy person; a.what makes this person wealthy? b.How did...
- H Health The correct progression for someone who can lift 20 pounds for 20 repetitions on all sets is to O Decrease weight by five pounds and increase the number of repetitions to 25....
- H History What were two reasons why Reconstruction was not as successful as the Union hoped?...
Ответ:
roads to trade
Explanation: