CH 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 January 20 Purchased 500 units @ $7 $3,500 April 21 Purchased 300 units @ $9 2,700 July 25 Purchased 380 units @ $12 4,560 September 19 Purchased 198 units @ $14 = 2,660 During the year, The Shirt Shop sold 1.110 T-shirts for $23 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.) Ending Inventory FIFO LIFO Weighted average ! 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, January 20 Purchased 500 units @ $ 7 = $3,500 April 21 Purchased 300 units @ $9 = 2,700 July 25 Purchased 380 units @ $12 = 4,560 September 19 Purchased 190 units @ $14 = 2,660 During the year, The Shirt Shop sold 1,110 T-shirts for $23 each. View transaction list Journal entry worksheet Record the entry for purchase of inventory for cash on January 20. Note: Enter debits before credits. General Journal Debit Credit Date Jan. 20 Record entry Clear entry View general journal Required information WA Required B Required BG) Required B G Required BG Required BT Required B T Required BT FIFO LIFO 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 jou in the first account field.) View transaction list Journal entry worksheet Record the entry for purchase of inventory for cash on September 19. Note: Enter debits before credits. Date Sept. 19 General Journal Debit Credit Record entry Clear entry View general journal Required B Required B G Required B GJ Required B G 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 ca required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record sale of inventory for cash. Note: Enter debits before credits. General Journal Date Year 1 Debit Credit Record entry Clear entry View general journal Record entry for cost of goods sold. Note: Enter debits before credits General Journal Debit Credit Date Year 1 Record entry Clear entry View general journal 1 2 Record sale of inventory for cash. Note: Enter debits before credits General Journal Debit Credit Date Year 1 Record entry Clear entry View general Journal ournal entry worksheet 1 > Record entry for cost of goods sold. te: Enter debits before credits Date General Journal Debit Credit Year 1 Record entry Clear entry View general journal Required information equired B Required BG Required B G Required BG Required BT Required BT Required BT FIFO LIFO WA ACC FIFO Acc LIFO Acc WA mcord the above transactions in general journal form using weighted average method. Assume all transactia entry is required for a transaction/event, select "No journal entry required" in the first account field. Roun aces and final answers to the nearest whole dollar amount.) lew transaction list Journal entry worksheet Sy 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 Required B GJ Required B G Required B G Required By Required BT Required BT FIFO LIFO WA Acc FIFO Acc LIFO Acc WA Record the above transactions in general Journal form using weighted average method. Assume all transactions are no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round cost places and final answers to the nearest whole dollar amount.) View transaction list Journal entry worksheet Required B Required B G) Required B G Required B G Required BT Required BT Required BT FIFO LIFO WA Acc FIFO Acc LIFO Acc WA Post to T-accounts using LIFO method. Assume all transactions are cash transactions. Cash Merchandise Inventory Heg. Bal Beg. Bal. End. Bal End. Bal Sales Revenue Cost of Goods Sold Bog. Bal. Beg. Bal. End. Bal. End. Bal. Required information Required B Required B G Required B G Required BG Required BT Required BT RequiredBT FIFO LIFO WA Acc FIFO Acc LIFO Acc WA Post to T-accounts using weighted average method. Assume all transactions are cash transactions. (Round cost per un decimal places and final answers to the nearest whole dollar amount.) Cash Merchandise Inventory Beg. Bal. Beg Bal End. Bal End. Bol Sales Revenue Cost of Goods Sold Beg Bal Beg. Bal End. Bal. End. Bal.
