! Required information 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 oprations: Jan. 20 Purchased 400 units@ $ 8 = $3,200 Apr. 21 Purchased 200 units @ $10 = 2,000 July 25 Purchased 280 units@ $13 = 3,640 Sept. 19 Purchased 90 units@ $15 = 1,350 During the year, The Shirt Shop sold 810 T-shirts for $20 each. Exercise 5-5A Part a 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 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 Purchased 400 units@ $ 8 = $3,200 Apr. 21 Purchased 200 units@ $10 = 2,000 July 25 Purchased 280 units @ $13 = 3,640 Sept. 19 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 B FIFO LIFO WA Acc FIFO Ace LIFO Record the above transactions in general journal form using FIFO method. Assume required for a transaction/event, select "No journal entry required" in the first acco View transaction list