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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 April 21 July 25 September 19 Purchased 410 units @ $ 9 = Purchased 210 units @ $11 = Purchased 290 units @ $14 = Purchased 100 units @ $16 = $3,690 2,310 4,060 1,600 During the year, The Shirt Shop sold 840 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. 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 FIFO LIFO WA Required B T Acc FIFO Required B T 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 1 Date Year 1 Cash Sales revenue 2 Year 1 Cost of goods sold Merchandise inventory General Journal Debit Credit 21,000 21,000
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