The Shirt Shop had the following transactions for T-shirts for 2018, its first year of operations: $ 9 @ $11 @ $12 = @ $13 440 units $3,960 1,430 2,880 Jan. 20 Purchased Apr. 21 July 25 Sept. 19 Purchased 130 units Purchased 240 units Purchased 70 units 910 %3D During the year, The Shirt Shop sold 710 T-shirts for $18 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 intermediate calculations to 2 decimal places and final answers to the nearest whole dollar amount. Weighted Average FIFO LIFO Ending inventory Il || ||II

Haala Inc. is a merchandising company. Last month the company's cost of goods sold was $68,000. The company's beginning merchandise inventory was $11,000 and its ending merchandise inventory was $17,000. What was the total amount of the company's merchandise purchases for the month?   Question 20 options:   $96,000   $62,000   $68,000   $74,000

Harrison Electric began2018 with a credit balance of $41,500 in the allowance for sales returns account. Sales and cash collections from customers during the year were$1,240,000 and $875,000, respectively. Harrison estimates that 7% of all sales will be returned. During 2018, customers returned merchandise for a credit of$34,000 to their accounts. Harrison's 2018 income statement would report net sales of $____?

The following information is for Sandhill Inc. for the year 2022: Manufacturing costs Number of gloves manufactured Beginning inventory $3,011,500 (a) 317,000 pairs 0 pairs Sales in 2022 were 315,100 pairs of gloves for $22 per pair. What is the cost of goods sold for 2022? (Round cost per unit to 2 decimal places, e.g. 15.25 and final answer to O decimal places, e.g. 125.)

A Mikey's sells $119,500 of its accounts receivable to factors at a 1% discount. The firm’s average collection period is one month. What is the dollar cost of the factoring service? Dollar-cost of the factoring service   $_________ per month

Paul & Griffon manufactures and markets many products you use every day. In 2016, sales for the company were $93,000 (all amounts in millions). The annual report did not report the amount of credit sales, so we will assume that all sales were on credit. The average gross profit percentage was 51.2 percent. Account balances for the year follow: ts Beginning Ending Accounts receivable ЕВook $5,300 $5,700 (net) Inventory 6,080 6,100 Hint Required: Print 1. Compute the following turnover ratios. 2. By dividing 365 by your ratios from requirement 1, calculate the average days to collect receivables and the average days to sell inventory. ferences Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the following turnover ratios. (Do not round intermediate calculations. Round your final answers to 1 decimal place.) Receivables Turnover Ratio Inventory Turnover Ratio 00

Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement shows cost of goods sold of $2,000. What was the beginning inventory if the ending inventory was $1,000?

Gear Up Co. pays 65% of its purchases in the month of purchase, 30% in the month after the purchase, and 5% in the second month following the purchase. What are the cash payments if it made the following purchases in 2018?

Johnson Corporation had beginning inventory of 20,000 at cost and 35,000 at retail. During the year, it made net purchases of 180,000 at cost and 322,000 at retail. Johnson nude sales of 300,000. Assuming a price index of 100 at the beginning of the year and 110 at the end of the year, compute Johnsons ending inventory at cost using the dollar-value LIFO retail method.

Amusement tickets estimated sales are: What are the balances in accounts receivable for April, May, and June if 60% of sales are collected in the month of sale, 30% are collected the month after the sale, and 10% are collected the second month after the sale?