Answered step by step
Verified Expert Solution
Question
1 Approved Answer
i am listing all of the charts that go with this question. i have been able to find some of the answers but cant find
i am listing all of the charts that go with this question. i have been able to find some of the answers but cant find the rest will you? 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 22 July 25 Sept. 19 Purchased Purchased Purchased Purchased 400 units 58-53,200 200 units $10 2,000 280 units $13 - 3,640 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 Taccounts using (0) 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 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 Journal entry worksheet 2 3 4 > Record the entry for purchase of inventory for cash on April 21. Note: Enter debits before credits. General Journal Debit Date Apr. 21 Credit Record entry Clear entry View general journal Journal entry worksheet Complete this question by entering your answers in the tabs below. FIFO Acc WA Required B Required BG Required B G Required BG Required BT Required B T Required BT LIFO WA Acc FIFO Acc LIFO Record the above transactions in general journal form using LIFO method. Assume all transactions are cash transaction 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 Debit 16,200 Year 1 Cash Sales revenue 16,200 2 Year 1 8.910 Cost of goods sold Merchandise Inventory 8,910 Complete this question by entering your answers in the tabs below. Required B G Required B G Required 8 G Required BT Required BT Required B 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 cash transact (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round cost per unit to decimal places and final answers to the nearest whole dollar amount.) View transaction list View journal entry worksheet No Date General Journal Credit 1 Year 1 Debit 16,200 Cash Sales revenue 16,200 2 Year 1 8,508 Cost of goods sold Merchandise inventory 8.508 Complete this question by entering your answers in the tabs below. Required B Required B G Required B G Required 8 GJ Required BT FIFO LIFO WA Ace FIFO Required BT Acc LIFO Required BT Acc WA Post to T-accounts using FIFO method. Assume all transactions are cash transactions. Cash Merchandise Inventory Beg Bal Year 1 Beg Bal 3.2001/20 2.000 4/21 3,6407125 1/20 4/21 7.930 Year 1 3,200 2.000 3,640 1,350 7/25 19/19 End Bal 8,840 2.260 Sales Revenue Cost of Goods Sold Beg Bal Year 1 Beg Bal Year 1 7.930 End Bal End Bal 7.930 Required BGJ WA Required B T Ace LIFO > Complete this question by entering your answers in the tabs below. Required BT Acc WA Required B Required B G Required B G Required BG Required BT Required BT FIFO LIFO WA Acc FIFO ACC LIFO Post to T-accounts using LIFO method. Assume all transactions are cash transactions. Cash Merchandise Inventory Beg Bal Year 1 8,910 Year 1 3,200 1/20 2.000 4/21 3,640 1/25 1,350 9/19 Beg Bal 1/20 4/21 17/25 19/19 3,200 2.000 3,640 1,350 End. Bal 10.190 1.280 Sales Revenue Cost of Goods Sold Bog Bal Beg Bal Year 1 Year 1 8.910 End Bal End Bal 8.910 Complete this question by entering your answers in the tabs below. Required e Requiredt B6) Required BG Required 8 required By Required By Required BT 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 unit decimal places and final answers to the nearest whole dollar amount.) Merchandise inventory Beg Bal Beg Bal Year 1 3.2001/20 1/20 3.200 8,508 Year 2.000/4/21 4/21 3.64077/25 1125 3,640 1 350 19:19 2.000 19/19 1.350 End Bal 10.190 1.682 Sales Revenue Cost of Goods Sold Beg Bal Beg Bar Year Year 1 8508 End Bal End Bal 3.508
i am listing all of the charts that go with this question. i have been able to find some of the answers but cant find the rest will you?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started