For March 14th would it $20 or $22 for the cost of shirt And what about the cost

Question

For March 14th would it $20 or $22 for the cost of shirt And what about the cost of shirt for the 26th Q3: What is your cash balance reported to the financial statement as of June 30, 2018? (3 points) 2500 2115 45 340 PROBLEM 1. Roo Inc. maintains a perpetual inventory system Calculate the cost of merchandise sold for the month AND the value of the ending inventory using the LIFO and FIFO (20 points) Must list calculation precedure. The calculation procedure is 12 points, filling blank is 8 points total. $20 $22 11-Mar Purchase 1,300 t-shirts 2.500 t-shirts 21-Mar Purchase 900 t-shirts 26-Mar Sale 2,500 t-shirts S25 Late in First out (LIFO Cost of merchandise sold First in First out (EIEO) Cost of merchandise soled Value of ending inventory Value of ending inventory

Explanation / Answer

Calculation under FIFO method
1)Cost of merchandise sold
=2500*$20(March 14 sale)+1500*20+1000*22(March 26 sale)
=$50,000+52000=$102,000
2) Ending inventory
=300*22+900*25=29100

Calculation under LIFO method
1) Cost of good sold
=1300*22+1200*20(March 14 sale)+900*25+1600*20(March 26 sale).
=$52600+$54500=$107100

2)Ending inventory
=1200*20=$24000

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