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 unitses 8 = $3,200 Purchased 200 unita e $10 = 2,000 Purchased 200 units e $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 B G Required B G) Required B G Required BT Required BT Required BT FIFO LIFO WA Acc FIFO Acc LIFO Acc WA Required B Required B G Required B GJ Required B G Required BT FIFO LIFO WA Acc FIFO Required BT Acc LIFO Required BT 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 Debit Credit Date Year 1 Required B Required B G Required B G Required B G Required BT FIFO LIFO WA Acc FIFO Required BT Acc LIFO Required BT Acc WA Record the above transactions in general journal form using LIFO method. Assume all transactions required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet