0 Required information Exercise 5-5A Effect of inventory cost flow on ending inventory balance and gross margin LO 5-1 [The following information applies to the questions displayed below) The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased 400 units . $ 8 - $3,200 Purchased 200 units $10 - 2,000 Purchased 200 units $13 - 3,640 Purchased 90 units $15 - 1,350 During the year, The Shirt Shop sold 810 T-shirts for $20 each Exercise 5-5A Part b b. Record the above transactions in general Journal form and post to T-accounts using (1) FIFO (2) LIFO, and (3) weighted average. Use a separate set of journal entries and T-accounts for each method. Assume all transactions are cash transactions Complete this question by entering your answers in the tabs below. Required B Required 6 Required BG Required 8 G) Required BT Required BT Required BT FIFO LIFO WA Acc FIFO Acc LIFO ACC WA Record the above transactions in general journal form. (If no entry is required for a transaction/event, select "No Journal entry required in the first account field.) Exercise 5-5A Part b b. Record the above transactions in general Journal form and post to T-accounts using (1) FIFO (2) LIFO, and (3) weighted average Use a separate set of journal entries and T-accounts for each method. Assume all transactions are cash transactions Complete this question by entering your answers in the tabs below. WA Acc LIFO ACC WA Required B Required 8 GJ Required to as required 8 ) Required BT Required BT Required BT LIFO Acc FIFO Record the above transactions in general Journal form. (If no entry is required for a transaction/event, select "No journal entry required" In the first account field.) View transaction list View Journal entry worksheet No Date General Journal Credit 1 Jan. 20 Merchandise inventory Cash Debit 3,200 3.200 2 Apr. 21 Merchandise inventory Cash 2,000 2,000 3 Jul 25 Merchandise inventory Cash 3,640 3,640 4 Sept. 19 Merchandise inventory Cash 1,350 1,350 Required B Required B G Required B G Required BG) Required BT Required BT Required BT FIFO LIFO WA Acc FIFO Acc LIFO Acc WA Record the above transactions in general Journal form using FIFO method. Assume all transactions are cash transactions. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet WA Required B Required B GJ Required B G Required B G Required BT Required BT Required BT FIFO LIFO ACC FIFO Acc LIFO Acc WA Post to T-accounts using LIFO method. Assume all transactions are cash transactions Cash Merchandise Inventory Beg Bal Beg. Bal End. Bal Sales Revenue Cost of Goods Sold Beg Bal Bog. Bal End, Bal End, Bal (Required B T Ace FIFO Required B T Ace WA> Complete this question by entering your answers in the tabs below. Acc FIFO Required B Required B C Required 8 ) Required B GJ Required BT Required By Required BT Acc LIFO Post to T-accounts using weighted average method. Assume all transactions are cash transactions. (Round cost per unit to 2 decimal places and final answers to the nearest whole dollar amount.) Acc WA Cash Merchandise Inventory Beg Bal Beg Bal End Bal Sales Revenue Cost of Goods Sold Beg Bal Beg. Bal End Bal End. BAI