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 540 units @ $ 7 = $3,780 340 units @ $ 9 3,060 420 units @ $ 12 = 5,040 230 units @ $ 14 = 3,220 During the year, The Shirt Shop sold 1,230 T-shirts for $23 each. 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 FIFO GJ Required B GJ Required B GJ Required BT LIFO WA Acc FIFO Required BT Acc LIFO Required BT Acc WA Record the above transactions in general journal form using weighted average method. Assume all transactions are cash transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round cost per unit to 2 decimal places and final answers to the nearest whole dollar amount.) View transaction list Journal entry worksheet Record sale of inventory for cash. Note: Enter debits before credits. General Journal Debit Credit Date Year 1 Record entry Clear entry View general Journal Journal entry worksheet