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 400 units @ $ 8 = $3,200 Purchased 200 units @ $10 = 2,000 Purchased 280 units @ $13 = 3,640 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. Answer is not complete Complete this question by entering your answers in the tabs below. Required B Required B GJ Required B GJ Required B GJ Required BT Required BT Required BT FIFO LIFO WA Acc FIFO Acc LIFO Acc WA Record the above transactions in general journal form using FIFO 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.) No Date General Journal Credit Debit 24,300 X Year 1 Cash Sales revenue 24,300 X Year 1 Cost of goods sold 7,930 Merchandise inventory 7,930 Answer is not complete. Complete this question by entering your answers in the tabs below. Required B Required B GJ Required B GJ Required B GJ Required BT FIFO LIFO WA Acc FIFO Required BT Acc LIFO Required BT Acc WA Record the above transactions in general journal form using LIFO 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.) No Date General Journal Credit Debit 24,300 X 1 Year 1 Cash Sales revenue 24,300 X 2 Year 1 Cost of goods sold 8,910 Merchandise inventory 8,910 Answer is not complete. Complete this question by entering your answers in the tabs below. Required B Required B GJ Required B GJ Required B GJRequired BT Required BT 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 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.) Date General Journal Credit No 1 Debit 24,300 X Year 1 Cash Sales revenue 24,300 X Year 1 8,508 Cost of goods sold Merchandise inventory 8,508 Answer is not complete. Complete this question by entering your answers in the tabs below. Required B Required B GJ Required B GJ Required B GJ Required BT Required BT Required BT FIFO LIFO WA Acc FIFO Acc LIFO Acc WA Post to T-accounts using FIFO method. Assume all transactions are cash transactions. Cash Merchandise Inventory Beg. Bal Year 1 24,300 ~ Year 1 ~ 3,200 1/20 2,000 4/21 3,6407125 Beg. Bal 1/20 4/21 7/25 3,200 2,000 7,930 2,260 2,640 X End. Bal 15,460 2,350 Sales Revenue Cost of Goods Sold Beg. Bal Year 1 Beg. Bal Year 1 X 24,300 $ 24,300 Year 1 ~ 7,930 End. Bal End. Bal 7,930 X Answer is not complete. Complete this question by entering your answers in the tabs below. Required B Required B GJ Required B GJ Required B GJ Required BT Required BT Required BT FIFO LIFO WA Acc FIFO Acc LIFO Acc WA Post to T-accounts using LIFO method. Assume all transactions are cash transactions. Cash Merchandise Inventory Beg. Bal Year 1 24,300 X Beg. Bal 1/20 4/21 8,910 Year 1 3,200 1/20 2,000 4/21 3,6407/25 ~ ~ 3,200 2,000 3,640 1,350 7/25 1,350 9/19 9/19 End. Bal 14,110 1,280 Sales Revenue Cost of Goods Sold Beg. Bal Beg. Bal Year 1 24,300 X Year 1 ~ 8,910 End. Bal 24,300 End. Bal 8,910