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 operations: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 530 units @ $ 8 = 330 units @ $ 10 = 410 units @ $ 13 = 220 units @ $ 15 = $ 4,240 3,300 5,330 3,300 During the year, The Shirt Shop sold 1,200 T-shirts for $24 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