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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
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. January 20 $3,520 2,400 April 21 Purchased 440 units @ $ 8 = Purchased 240 units @ $10 = Purchased 320 units @ $13 = Purchased 130 units @ $15 = July 25 4,160 September 19 1,950 During the year, The Shirt Shop sold 930 T-shirts for $24 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. Required B Required B GJ Required B GJ Required B GJ Required BT FIFO LIFO WA Acc FIFO View transaction list No 1 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.) Date Jan. 20 View journal entry worksheet General Journal No Transaction Recorded Required B T Acc LIFO Credit
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