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 April 21 July 25 September 19 Purchased 400 units Purchased 200 units Purchased 280 units Purchased 90 units s $3,200 $10 2,000 $13- 3,640 $15- 1,350 During the year, The Shirt Shop sold 810 T-shirts for $20 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 FIFO Required B G Required B GJ Required B GJ Required BT UFO WA Acc FIFO Required BT Required BT Acc LIFO Acc WA 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.) View transaction list Journal entry worksheet Required information Record the above transactions in generar journal form, no entry is required for a transactiony event, select no journal entry required in the first account field.) View transaction list Journal entry worksheet 2 3 4 Record the entry for purchase of inventory for cash on January 20. Note: Enter debits before credits. Date: Jan. 20 General Journal Debit Credit Record entry Clear entry View general journal Required B Required B GJ FIFO > Required B Required B GJ Required B G3 Required B GJ Required BT Required BT Required BT Acc FIFO Acc LIFO FIFO LIFO WA 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.) View transaction list Journal entry worksheet < 1 2 Record sale of inventory for cash. Note: Enter debits before credits. Date Year 1 General Journal Debit Credit Record entry Clear entry View general journal 3 Required B Required B G Required B G3 Required B GJ Required BT FIFO LIFO WA Acc FIFO Required BT Required BT Acc LIFO 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.) View transaction list ences Journal entry worksheet 1 2 Record sale of inventory for cash. Note: Enter debits before credits. Date Year 1 General Journal Debit Credit Record entry Clear entry View general journal 2 of 31 Required B Book Required BG) Required B GJ Required B G) Required BT Required BT Required BT Acc LIFO Acc WA FIFO LIFO WA Acc FIFO 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 Hint 1 2 rences Record sale of inventory for cash. Note: Enter debits before credits. Date Year 11 General Journal Debit Credit Record entry Clear entry View general journal Required information Required B WA Required B GJ Required B G) Required B G) Required BT Required BT Required BT FIFO LIFO Acc WA Acc FIFO Acc LIFO Post to T-accounts using FIFO method. Assume all transactions are cash transactions. Beg. Bal. End. Bal. Cash Beg. Bal End. Bal. Merchandise Inventory Sales Revenue es Cost of Goods Sold Beg. Bal Beg Bal End. Bal. End. Bal of 3 Required B Required B GJ Required B GJ Required B GJ Required BT Required B1 FIFO LIFO Acc LIFO WA Acc FIFO Post to T-accounts using LIFO method. Assume all transactions are cash transactions. Dok Beg. Bal End. Bal Cash Beg. Bal. End. Bal. Required BT Acc WA Merchandise Inventory Sales Revenue ences Cost of Goods Sold Beg. Bal Beg. Bal End. Bal. End. Bal. Required information Required B Required B GJ Required B GJ Required B G3 Required BT FIFO LIFO Acc FIFO WA Required BT Acc LIFO Required BT Acc WA Post to T-accounts using weighted average method. Assume all transactions are cash transactions. (Round cost per unit to 2 decimal places and final answers to the nearest whole dollar amount.) Beg. Bal. Cash Beg. Bal Merchandise Inventory End. Bal. End. Bal. Sales Revenue Cost of Goods Sold Beg. Bal. Beg. Bal. End. Bal. End. Bal Required BT Acc LIFO Required BT Ace WA 5 art 3 of 3 28 ints 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 July 25 April 21 September 19 Purchased 400 units Purchased 200 units Purchased 280 units Purchased 90 units $8 $3,200 $10- 2,000 $13 $15 3,640 1,350 eBook Hint During the year, The Shirt Shop sold 810 T-shirts for $20 each. c. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. Difference in gross margin between the FIFO and LIFO cost flow assumptions References