a)under FIFO record the sale of inventory then the cost of goods sold

b) Under LIFO record the sale of inventory then the cost of goods sold

c) Under the Weighted Average record the sale of inventory then the cost of goods sold.

Required Information [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: 500 units@$ 7 $3,500 300 units@$ 9 2,700 $12 4,560 Sept. 19 Purchased 190 units@ $14 2,660 Purchased Jan. 20 Apr. 21 July 25 Purchased 380 units Purchased During the year, The Shirt Shop sold 1,110 T-shirts for $23 each b. Record the above transactions in general journal form and post to T-accounts using () 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. Required B GJ Required B GJ Required B GJ Required B T FIFO Required B T Acc LIFO Required B T Acc WA Required B LIFO WA Acc FIFO Record the above transactions in general journal form using FIFO method. Assume all transactions are cas required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 1 Record sale of inventory for cash Note: Enter debits before credits Date General Journal Debit Credit Cash Year 1 Sales revenue View general journal Record entry Clear entry Required B T Acc WA Required B GJ Required B GJ Required B GJ Required B T FIFO Required B T Acc LIFO Required B LIFO WA Acc FIFO Record the above transactions in general journal form using FIFO method. Assume all transactions are cash transactio required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet 2 Record entry for cost of goods sold. Note: Enter debits before credits Date General Journal Debit Credit Cost of goods sold Cash Year 1 Record entry Clear entry View general journal Required B GJ Required B GJ Required B GJ LIFO Required B T Acc LIFO Required B T Acc FIFO Required B T Acc WA Required B FIFO WA Record the above transactions in general journal form using LIFO method. Assume all transactions are cash required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet 1 2 Record sale of inventory for cash. Note: Enter debits before credits. Date General Journal Debit Credit Year 1 View general journal Record entry Clear entry Required B GJ Required B GJ Required B GJ LIFO Required B Acc FIFO Required BT Acc LIFO Required B Acc WA Required B FIFO WA Record the above transactions in general journal form using LIFO method. Assume all transactions are c required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 Record entry for cost of goods sold. Note: Enter debits before credits Date General Journal Debit Credit Year View general journal Record entry Clear entry Required B GJ Required B GJ Required B GJ Required B T FIFO Required B T Acc WA Required B T Acc LIFO Required B Acc FIFO LIFO WA Record the above transactions in general journal form using weighted average method. Assume all transactions are o no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round cost p places and final answers to the nearest whole dollar amount.) View transaction list Journal entry worksheet 1 2 Record sale of inventory for cash. Note: Enter debits before credits Date General Journal Debit Credit Year 1 Record entry Clear entry View general journal Required B GJ Required B GJ Required B GJ Required B T FIFO Required B T cc WA Required B T Acc LIFO Required B LIFO WA Acc FIFO Record the above transactions in general journal form using weighted average method. Assume all transactions are cash t no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round cost per un places and final answers to the nearest whole dollar amount.) View transaction list Journal entry worksheet 1 2 Record entry for cost of goods sold Note: Enter debits before credits. Date General Journal Debit Credit Year 1 Record entry Clear entry View general journal Prey 3 4 of 5 Required Information [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: 500 units@$ 7 $3,500 300 units@$ 9 2,700 $12 4,560 Sept. 19 Purchased 190 units@ $14 2,660 Purchased Jan. 20 Apr. 21 July 25 Purchased 380 units Purchased During the year, The Shirt Shop sold 1,110 T-shirts for $23 each b. Record the above transactions in general journal form and post to T-accounts using () 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. Required B GJ Required B GJ Required B GJ Required B T FIFO Required B T Acc LIFO Required B T Acc WA Required B LIFO WA Acc FIFO Record the above transactions in general journal form using FIFO method. Assume all transactions are cas required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 1 Record sale of inventory for cash Note: Enter debits before credits Date General Journal Debit Credit Cash Year 1 Sales revenue View general journal Record entry Clear entry Required B T Acc WA Required B GJ Required B GJ Required B GJ Required B T FIFO Required B T Acc LIFO Required B LIFO WA Acc FIFO Record the above transactions in general journal form using FIFO method. Assume all transactions are cash transactio required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet 2 Record entry for cost of goods sold. Note: Enter debits before credits Date General Journal Debit Credit Cost of goods sold Cash Year 1 Record entry Clear entry View general journal Required B GJ Required B GJ Required B GJ LIFO Required B T Acc LIFO Required B T Acc FIFO Required B T Acc WA Required B FIFO WA Record the above transactions in general journal form using LIFO method. Assume all transactions are cash required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet 1 2 Record sale of inventory for cash. Note: Enter debits before credits. Date General Journal Debit Credit Year 1 View general journal Record entry Clear entry Required B GJ Required B GJ Required B GJ LIFO Required B Acc FIFO Required BT Acc LIFO Required B Acc WA Required B FIFO WA Record the above transactions in general journal form using LIFO method. Assume all transactions are c required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 Record entry for cost of goods sold. Note: Enter debits before credits Date General Journal Debit Credit Year View general journal Record entry Clear entry Required B GJ Required B GJ Required B GJ Required B T FIFO Required B T Acc WA Required B T Acc LIFO Required B Acc FIFO LIFO WA Record the above transactions in general journal form using weighted average method. Assume all transactions are o no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round cost p places and final answers to the nearest whole dollar amount.) View transaction list Journal entry worksheet 1 2 Record sale of inventory for cash. Note: Enter debits before credits Date General Journal Debit Credit Year 1 Record entry Clear entry View general journal Required B GJ Required B GJ Required B GJ Required B T FIFO Required B T cc WA Required B T Acc LIFO Required B LIFO WA Acc FIFO Record the above transactions in general journal form using weighted average method. Assume all transactions are cash t no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round cost per un places and final answers to the nearest whole dollar amount.) View transaction list Journal entry worksheet 1 2 Record entry for cost of goods sold Note: Enter debits before credits. Date General Journal Debit Credit Year 1 Record entry Clear entry View general journal Prey 3 4 of 5