b. Record the above transactions in general journal form and post to T-accounts assuming (1) FIFO, (2) LIFO, and (3) weig average methods. Use a separate set of journal entries and T-accounts for each method. Assume all transactions are ca transactions. Complete this question by entering your answers in the tabs below. Post to T-accounts using FIFO method. Assume all transactions are cash transactions. Complete this question by entering your answers in the tabs below. Post to T-accounts using UIFO method. Assume all transactions are cash transactions. Journal entry worksheet Record sale of inventory for cash. Note: Enter debits before credits. Journal entry worksheet Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Post to T-accounts using weighted average method. Assume all transactions are cash transactions. (Round cost per unit to decimal places and final answers to the nearest whole dollar amount.) Record the above transactions in general journal form using FIFO method. Assume all transactions are cash transactions. (If no entry required for a transactionevent, select "No journal entry required" in the first account field.) Journal entry worksheet 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. During the year, The Shirt Shop soid 1,080 T-shirts for $24 each. Compute the difference in.gross margin between the FIFO and LIFO cost flow assumptions. 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. During the year, The Shirt Shop sold 1,080 T-shirts for $24 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 cost per unit to 2 decimal places and final answers to the nearest whole dollar amount.) Answer is complete but not entirely correct. The following inventory transactions apply to Green Company for Year 2. The beginning inventory consisted of 175 units at $10 per unit. All transactions are cash transactions. Required a. Record these transactions in general journal format assuming Green uses the FIFO cost flow assumption and keeps perpetual records. b. Compute cost of goods sold for Year 2. Complete this question by entering your answers in the tabs below. Record these transactions in general journal format assuming Green uses the FIFO cost flow assumption and keeps perpetual records no entry is required for a transaction/event, select "No journal entry required" in the first account field. ? Journal entry worksheet 456 Record purchases of inventory for cash. Complete this question by entering your answers in the tabs below. Record the above transactions in general journal form. (If no entry is required for a transaction/event, select "No journal entry requin in the first account field.)
