Calculate value of the T-shirt ending inventory using FIFO in the following situation. By the Sea T-shirts had 50 T-shirts bought at wholesale for $3 remaining in inventory from July. During the month of August the store bought another
75 shirts at $3, and 60 shirts at $3.25. That month the store sold 115 T-shirts. What is the value of the remaining inventory If Laura, the store's owner,
uses FIFO and the Periodic system? [She uses a quarterly accounting cycle.)