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Need help!! need record sale of inventory of cash (Fifo and lifo and weighted average). also need T accounts for each method. The Shirt Shop
Need help!! need record sale of inventory of cash (Fifo and lifo and weighted average). also need T accounts for each method.
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 1,260 T-shirts for $26 each. Record the above transactions in general journal form and post to T-accounts assuming (1) FIFO, (2) LIFO, and (3) veighted-average methods. Use a separate set of journal entries and T-accounts for each method. Assume all ransactions are cash transactions. 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 in the first account field.) 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 1,260 T-shirts for $26 each. Record the above transactions in general journal form and post to T-accounts assuming (1) FIFO, (2) LIFO, and (3) veighted-average methods. Use a separate set of journal entries and T-accounts for each method. Assume all ransactions are cash transactions. 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 in the first account field.) Step by Step Solution
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