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The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations.

January 20	Purchased 480 units @ $ 9 =	$4,320
April 21	Purchased 280 units @ $11 =	3,080
July 25	Purchased 360 units @ $14 =	5,040
September 19	Purchased 170 units @ $16 =	2,720

During the year, The Shirt Shop sold 1,050 T-shirts for $25 each.

b. Record the above transactions in general journal form and post to T-accounts assuming (1) FIFO, (2) LIFO, and (3) weighted-average methods. Use a separate set of journal entries and T-accounts for each method. Assume all transactions are cash transactions.

1. Record the entry for purchase of inventory for cash on January 20
2. Record the entry for purchase of inventory for cash on April 21
3. Record the entry for purchase of inventory for cash on July 25
4. Record the entry for purchase of inventory for cash on September 19

1. Record sale of inventory for cash
2. Record entry for cost of goods sold

1. Record sale of inventory for cash
2. Record entry for cost of goods sold

Required B GJ WA

1. Record sale of inventory for cash
2. Record entry for cost of goods sold

Required B T Acc FIFO

Required B T Acc LIFO

Required B T Acc WA

Required information [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. During the year, The Shirt Shop sold 1,050 T-shirts for $25 each. b. Record the above transactions in general journal form and post to T-accounts assuming (1) FIFO, (2) LIFO, and (3) weighted-average methods. 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. Record the above transactions in general journal form. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet 4 Record the entry for purchase of inventory for cash on January 20. Note: Enter debits before credits. 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.) Journal entry worksheet Note: Enter debits before credits. lecord the above transactions in general journal form using LIFO method. Assume all transactions are cash transactions. (If no entry sequired for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Note: Enter debits before credits. b. Record the above transactions in general journal form and post to T-accounts assuming (1) FIFO, (2) LIFO, and (3) weighted-average methods. 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. Post to T-accounts using FIFO method. Assume all transactions are cash transactions